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15 vs 30 Year Mortgage
A 15-year mortgage builds equity faster and saves tens of thousands in interest — but requires a higher monthly payment. See the exact trade-off for your loan amount.
Educational calculators — always consult a licensed professional before making financial decisions.
Home price minus your down payment.
15-year rates are typically 0.5–0.75% lower than 30-year rates.
Check current rates at your bank or mortgage broker.
Interest savings (15-year)
$253,309
Total interest saved by choosing 15-year over 30-year
15-Year vs. 30-Year
Total Cost Comparison
15-Year Mortgage
Total interest: $173,876
$493,876
30-Year Mortgage
Total interest: $427,185
$747,185
Estimates for educational purposes only. Actual rates and payments vary by lender. Consult a licensed mortgage professional.
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What you'll need
- ·Loan amount (home price minus down payment)
- ·15-year interest rate quote
- ·30-year interest rate quote
What you'll get
- ✓Side-by-side payments — 15-yr vs 30-yr monthly cost
- ✓Total interest savings — How much you save in dollars
- ✓Total cost comparison — True cost of each option
- ✓Extra monthly cost — How much more the 15-yr costs
How it works
Enter loan amount
Input your expected loan balance — home price minus down payment.
Set interest rates
15-year rates are typically 0.5–0.75% lower than 30-year rates.
Compare side-by-side
See monthly payment difference, total interest paid, and break-even timeline.
15 vs 30 Year Comparison ($300,000 Loan)
| Metric | 15-Year (6.25%) | 30-Year (6.75%) |
|---|---|---|
| Monthly Payment | $2,572 | $1,945 |
| Total Interest | $162,966 | $400,157 |
| Total Paid | $462,966 | $700,157 |
| Monthly Savings | — | $627 less |
15-year saves $237,191 in interest but requires $627 more per month.
State guides
How this varies by state
Property taxes, insurance costs, first-time buyer programs, and closing costs differ significantly across states. See local data for your state.
California
Texas
Florida
New York
Illinois
Pennsylvania
Ohio
Georgia
North Carolina
Michigan
New Jersey
Virginia
Washington
Arizona
Colorado
Tennessee
About this calculator
How much more is a 15-year payment vs a 30-year?+
A 15-year mortgage payment is typically 30–50% higher than a 30-year payment on the same loan amount. For a $300,000 loan, you might pay $2,600/mo on a 15-year vs $1,900/mo on a 30-year — but the 15-year saves over $100,000 in interest.
Is a 15-year mortgage always better?+
Not always. A 15-year mortgage saves significant interest but requires a higher monthly payment. If the extra payment would strain your budget or prevent you from investing in higher-return assets, a 30-year mortgage may be the smarter choice.
Do 15-year mortgages have lower interest rates?+
Yes. Lenders typically offer 15-year rates 0.5–0.75% lower than 30-year rates because the shorter term reduces lender risk. This rate difference compounds the interest savings significantly over time.
What if I take a 30-year mortgage and pay it like a 15-year?+
This hybrid approach gives you flexibility — you pay extra when you can afford to, and scale back during tight months. The downside is a slightly higher rate than a true 15-year. If you have steady income and strong discipline, a 15-year locks in the savings. If your income varies, the 30-year with extra payments provides a safety net.
How much equity do I build faster with a 15-year mortgage?+
Much faster. After 5 years on a $300,000 30-year mortgage at 7%, you've paid off about $19,000 in principal. On a 15-year at 6.5%, you've paid off roughly $48,000. The combination of a lower rate, higher payment, and faster amortization means 15-year borrowers build equity roughly 2.5x faster in the early years.
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15 vs 30-Year Mortgage
Both loans side by side at this week's Freddie Mac averages (6.58% and 5.96%) for three loan sizes — payment, total interest, and principal paid by years 5 and 10, with the amortization math shown — plus the invest-the-difference argument treated fairly.
Is Refinancing Worth It?
Closing costs divided by monthly saving is the whole decision. The formula worked with July 2026 rates, the rate drop you need to break even in 2/3/5 years, the term reset that raises your total interest at a lower rate, and what forecasters actually expect.
15 vs 30 Year Mortgage Calculator is built and maintained by the RealCostIQ editorial team. Cost ranges and rates are checked against published industry data and contractor quotes, and revised when the underlying figures move. Read our data methodology or more about who builds this. Every calculation runs in your browser — no account, and none of your inputs are stored.
Cost ranges and rates here are checked against contractor quotes and published industry data. If a number still looks off, email Support@RealCostIQ.com and we'll review and fix it.