15-Year vs 30-Year Mortgage Calculator
Compare monthly payments and total interest savings for 15-year and 30-year mortgages.
15-Year Payment
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30-Year Payment
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Extra Monthly Cost
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Interest Saved With 15-Year
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Guide
How it works
Use this calculator to compare 15-year and 30-year mortgages.
What this calculator does
The 15-year vs 30-year mortgage calculator compares monthly payments, extra monthly cost, and interest saved.
15-Year vs 30-Year Formula
Each loan uses the standard mortgage payment formula with a different term.
Example calculation
For a 300,000 loan, the calculator compares the 15-year payment with the 30-year payment and shows total interest savings.
When to use this calculator
- choosing a mortgage term
- comparing monthly affordability
- estimating interest savings
- reviewing refinance options
FAQs
Why is a 15-year payment higher?
The loan is repaid in half the time, so more principal is paid each month.
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