15 vs. 30 Year Mortgage Calculator
Compare two loan terms side by side: payment, total interest and how fast you build equity.
- Option A payment
- Option B payment
- Payment difference
- Option A interest
- Option B interest
- Equity after 5 years
- Invest the difference
- B Paid Off
Comparisons
Items you add are saved in this browser.
| Name | A | B | Payment Gap | Interest Saved | Remove |
|---|
15-Year vs. 30-Year Mortgage
A shorter loan has a higher payment but usually a lower rate, and because you borrow the money for half as long, total interest is far lower. A 30-year loan keeps the payment down and leaves more room in the budget.
The optional comparison invests the monthly payment difference at your chosen return for the length of the shorter loan, then invests the full payment you'd no longer owe until the longer loan ends.
Worked Example
Tips
You can get part of the 15-year benefit on a 30-year loan by paying extra principal, while keeping the lower required payment for tight months. The rate gap between 15- and 30-year loans changes with the market; get quotes for both.