15 vs 30 Year Mortgage Calculator (Term Comparison)
Enter the loan amount and the rate for each term to compare them side by side.
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15 vs 30 Year Mortgage Calculator (Term Comparison) by TheCalcTools
How the 15 vs 30 Year Mortgage Calculator (Term Comparison) works
Shorter mortgages usually have lower rates and build equity much faster, at the cost of a higher monthly payment. Both payments use the standard amortisation formula.
A 30-year loan with extra principal payments can reach a similar result with more flexibility. Taxes, insurance and PMI are not included.
The formula
Worked example
Using the default values shown in the calculator:
| Loan amount | $320000 |
|---|---|
| Shorter term (years) | 15 |
| Rate for the shorter term | 5.6 % |
| Longer term (years) | 30 |
| Rate for the longer term | 6.3 % |
- 320,000 over 15 years at 5.6%: $2,631.68 a month. Over 30 years at 6.3%: $1,980.71.
- The 15-year loan saves $239,354 of interest for $650.97 more a month.
Result:
| Payment, shorter term | $2,631.68 |
|---|---|
| Payment, longer term | $1,980.71 |
| Extra each month for the shorter term | $650.97 |
| Total interest, shorter term | $153,702 |
| Total interest, longer term | $393,057 |
| Interest saved by the shorter term | $239,354 |
Frequently asked questions
Is a 15-year mortgage better?
It costs far less interest, but the higher payment must fit your budget comfortably with savings left for emergencies and retirement.
Sources and further reading
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This calculator gives estimates for information only. It is not financial advice, and your lender's or provider's figures will govern. Rates, fees and rules vary. See our disclaimer.