15 vs 30 Year Mortgage Calculator
Compare a 15-year and a 30-year mortgage side by side. See the monthly payment, total interest, and how much interest you save with the shorter term.
Calculator by Toolsloft ↗- 15-yr payment
- $2,451.25
- 30-yr payment
- $1,896.20
- 15-yr interest
- $141,225.07
- 30-yr interest
- $382,633.47
- Interest saved
- $241,408.40
Compare a 15-year and a 30-year mortgage on the same loan amount, each at its own rate, to see the monthly payment and lifetime interest for both. Use it when you are weighing a lower monthly payment against the interest you would save by paying the loan off in half the time.
How this is calculated
Each payment uses the standard fixed-rate amortization formula over 180 and 360 months, and total interest is the sum of all payments minus the principal, so interest saved is the difference between the two terms.
How to use
- Enter the loan amount.
- Enter the interest rate for the 15-year and the 30-year mortgage.
- Compare the monthly payments, total interest, and interest saved.
Examples
- $300,000 at 5.5% / 6.5%:
15-yr $2,451.25 vs 30-yr $1,896.20 - Interest saved:
$241,408.40 over the life of the loan
FAQ
- Why is the 15-year payment higher?
- A 15-year mortgage repays the same principal in half the time, so each monthly payment is larger even though the interest rate is usually lower.
- How much interest does a 15-year mortgage save?
- You pay off the balance faster and typically at a lower rate, so total interest is far lower. The calculator shows the exact difference for your numbers.
- Which mortgage term is better for me?
- A 15-year term saves the most interest but demands a higher monthly payment. A 30-year term frees up cash flow at a higher lifetime cost. Pick based on your budget and goals.