15 vs 30 Year Mortgage Calculator
Compare 15-year and 30-year mortgage loan terms side-by-side. See payment differences, total interest costs, and determine which loan term is right for your financial situation.
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15-Year vs 30-Year Mortgage: Which is Right for You?
15-Year Mortgage Advantages
- Massive interest savings: Often $100k-200k+ less in total interest
- Faster equity building: Own your home outright in half the time
- Lower interest rates: Typically 0.25-0.75% lower than 30-year
- Forced savings: Builds wealth through required higher payments
30-Year Mortgage Advantages
- Lower monthly payments: More affordable monthly cash flow
- Investment opportunities: Invest difference for potentially higher returns
- Financial flexibility: More room for emergencies and life changes
- Tax advantages: Longer period of mortgage interest deductions
💡 Decision Framework
Choose 15-Year If:
- • You can comfortably afford higher payments
- • You're risk-averse and prefer guaranteed savings
- • You're closer to retirement
- • You want to be debt-free faster
Choose 30-Year If:
- • You want maximum cash flow flexibility
- • You're confident in investment returns >7%
- • You have other high-interest debt
- • You're early in your career