15 vs 30 Year Mortgage Calculator

Compare a 15-year vs 30-year mortgage — monthly payment, total interest, and equity.

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Compare Loan Terms

Same loan amount, different terms. See which one fits your budget.

15-year monthly payment
$0
30-year monthly payment
$0
15-year total interest
$0
30-year total interest
$0
Interest saved with 15yr
$0
Extra monthly cost for 15yr
$0

Worked example

With the default inputs shown below, this calculator returns the following results:

InputValue
Loan amount ($)$300,000
Interest rate (%)6.5%
15-year rate adjustment (%)-0.5%
ResultValue
15-year monthly payment$2,532
30-year monthly payment$1,896
15-year total interest$155,683
30-year total interest$382,633
Interest saved with 15yr$226,951
Extra monthly cost for 15yr$635

Values shown are produced by this page in your browser; change any input to update them.

How to use the Compare Loan Terms

  1. Loan amount ($) — default $300,000
  2. Interest rate (%) — default 6.5%
  3. 15-year rate adjustment (%) — default -0.5%
  4. Press Calculate to update the results instantly.

Frequently asked questions

Sources & references