15-Year vs 30-Year Mortgage Calculator
Compare monthly payments and total interest savings for 15-year and 30-year mortgages.
- Last reviewed
- July 8, 2026
- Cost
- Free to use
- Data
- Runs in your browser
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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Methodology
How this calculator handles inputs
This calculator uses the values you enter above and applies the formula explained in the guide below. Results update in the browser and are intended for quick planning, comparison, and sanity-checking.
- Use consistent periods, currencies, and units across inputs.
- Review any assumptions before using the result in a decision.
- Recalculate when rates, prices, tax rules, or business terms change.
Important note
This tool provides general planning information only. It is not tax, legal, financial, accounting, or investment advice. Check the current rules for your location and speak with a qualified professional before making a high-stakes decision.
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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