15-Year vs. 30-Year Mortgage Comparison
See the real tradeoff — lower payments vs. less total interest — and decide which term makes sense for your goals.
Loan Details
Enter your loan amount and rates for each term.
💡 Which Term is Right?
Choose 30-year if you need lower monthly payments or plan to invest the difference. Choose 15-year if you can afford the higher payment, want to pay less interest, and plan to stay long-term. Many people split the difference by taking a 30-year loan and making extra payments when cash flow allows.
Side-by-Side Comparison
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Understanding the tradeoff
The 15-year mortgage costs significantly less in total interest because you're paying off the loan in half the time and at a lower rate. But the monthly payment is meaningfully higher — typically 30–40% more.
A middle path: take the 30-year loan for payment flexibility, then make extra principal payments whenever budget allows. You get the lower required payment as a safety net, with the option to pay off faster. Use our extra payment calculator to model this precisely.
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