15 vs 30 Year Mortgage Calculator
Compare your monthly payment, total interest paid, and equity growth between a 15-year and 30-year mortgage — side by side with a full amortization schedule.
SECTION A — LOAN DETAILS
SECTION B — TAXES & INSURANCE
How to Use
- 1Enter your loan amount and the interest rates for both the 15-year and 30-year options — 15-year rates are typically about 0.5% lower than 30-year.
- 2Add your annual property tax, insurance, and HOA fees to see your complete monthly payment for each option including all housing costs.
- 3Review the side-by-side comparison showing monthly payment difference, total interest saved, and equity growth at 5, 10, and 15 year milestones.
- 4Download the PDF report to see the full 30-year amortization schedule for both loans side by side.
Example Calculation
Inputs
Loan Amount: $280,000 | 30-Year Rate: 7.0% | 15-Year Rate: 6.5% | Tax: $4,200/yr | Insurance: $1,200/yr | HOA: $0
30-Year Results
15-Year Results
Direct Comparison
Equity Milestones
"Choosing the 15-year mortgage costs $576.25 more per month but saves $231,586.80 in total interest and builds equity nearly 4x faster. The right choice depends on your monthly cash flow and financial goals."
Frequently Asked Questions
Q1: How much higher is the monthly payment on a 15-year vs 30-year mortgage?
A1: On a $280,000 loan, the 15-year monthly P&I is $2,439.10 compared to $1,862.85 for the 30-year — a difference of $576.25 per month. The 15-year rate is also typically 0.5% lower, which slightly reduces the gap. The higher required payment reflects that you are repaying the same loan in half the time, so each payment contains significantly more principal.
Q2: How much interest does a 15-year mortgage save vs a 30-year?
A2: On a $280,000 loan at these example rates, the 15-year mortgage saves $231,586.80 in total interest — paying just $159,038.11 versus $390,624.92 on the 30-year. This is because the loan is paid off in half the time and at a lower interest rate, so far less interest accumulates over the loan period.
Q3: Why does the 15-year mortgage build equity so much faster?
A3: In the early years of a 30-year mortgage, most of your payment goes toward interest. In Year 1, only $2,844.27 of the 30-year P&I goes to principal. The 15-year mortgage pays $11,405.00 in principal in Year 1 — four times more — because the shorter term forces faster paydown. By year 10 the 15-year borrower has $155,340.79 in equity versus just $39,725.33 for the 30-year borrower on the same loan amount.
Q4: When does it make more sense to choose a 30-year mortgage?
A4: The 30-year mortgage makes sense when monthly cash flow is the priority. The $576.25 lower payment frees up money for investments, emergencies, or other financial goals. If you can invest that difference at a return higher than your mortgage rate, the 30-year can be the better long-term financial choice. It also provides flexibility — you can always make extra principal payments to pay it off faster without being locked into the higher required 15-year payment.
Q5: Can I pay off a 30-year mortgage early by making extra payments to match the 15-year payoff?
A5: Yes — making extra principal payments on a 30-year mortgage can significantly shorten your payoff timeline. However, you cannot replicate the lower interest rate that comes built into a 15-year mortgage simply by making extra payments. The 15-year rate in this example is 6.5% versus 7.0% for the 30-year — that 0.5% difference saves money on every dollar of outstanding balance for the life of the loan, regardless of how fast you pay it down.
This calculator provides estimates for informational purposes only. Actual mortgage terms and savings may vary based on lender guidelines, credit score, and market conditions. Consult a licensed mortgage professional before making financial decisions.