Finance
15 vs 30 Year Mortgage Calculator
Enter your loan amount and the rate for each term to compare a 15-year and 30-year mortgage — the monthly payment, total interest paid, and how much the shorter loan saves over its life.
Quick answer: A 15-year mortgage has a higher monthly payment but a lower rate and far less total interest than a 30-year loan. On a $320,000 loan you might pay roughly $700–$900 more per month but save well over $150,000 in interest and own the home 15 years sooner.
How it works
1. Enter both rates
15-year mortgages usually carry a rate about 0.5–0.8% lower than the 30-year. Enter each rate so the comparison reflects real-world pricing, not just the term difference.
2. Compare the payments
The same loan amortized over 180 months instead of 360 has a noticeably higher monthly payment — the calculator shows the exact extra cost per month.
3. See lifetime interest
Total payments minus principal gives lifetime interest for each term. The shorter loan's lower rate and faster payoff usually cut total interest by more than half.
Frequently asked questions
Is a 15 or 30 year mortgage better?
A 15-year mortgage saves enormous interest and builds equity fast, but the higher payment leaves less room in your budget. A 30-year keeps payments low and flexible — many borrowers pick 30 and pay extra when they can.
How much do you save with a 15 year mortgage?
On a typical $320,000 loan, a 15-year term can save well over $150,000 in interest versus a 30-year, thanks to both the shorter schedule and the lower rate. The exact figure depends on the rate gap.
Why is the 15 year mortgage payment so much higher?
You're repaying the same principal in half the time, so each monthly payment carries more principal. The lower interest rate softens it slightly, but the payment is still much larger than a 30-year.