15 Year vs 30 Year Mortgage Calculator

Compare your monthly payments and total cost between a 15 year and a 30 year mortgage

Down Payment

20

Down Payment Amount

$75,000

Mortgage Amount

$300,000

15 year mortgage

Interest Rate

4.6

Monthly Payment

$2,310

Total Interest

$115,862

30 year mortgage

Interest Rate

5

Monthly Payment

$1,610

Total Interest

$279,767

15 Year Interest Savings

$163,905
Month #PaymentInterestPrincipalLoan Balance
0000$300,000
1$2,310$1,150$1,160$298,840
2$2,310$1,146$1,165$297,675
3$2,310$1,141$1,169$296,506
4$2,310$1,137$1,174$295,332
5$2,310$1,132$1,178$294,154
6$2,310$1,128$1,183$292,971
7$2,310$1,123$1,187$291,784
8$2,310$1,119$1,192$290,592
9$2,310$1,114$1,196$289,395
10$2,310$1,109$1,201$288,194
11$2,310$1,105$1,206$286,989
12$2,310$1,100$1,210$285,779
13$2,310$1,095$1,215$284,564
14$2,310$1,091$1,220$283,344
15$2,310$1,086$1,224$282,120
16$2,310$1,081$1,229$280,891
17$2,310$1,077$1,234$279,658
18$2,310$1,072$1,238$278,419
19$2,310$1,067$1,243$277,176
20$2,310$1,063$1,248$275,928
21$2,310$1,058$1,253$274,676
22$2,310$1,053$1,257$273,418
23$2,310$1,048$1,262$272,156
24$2,310$1,043$1,267$270,889
25$2,310$1,038$1,272$269,617
26$2,310$1,034$1,277$268,340
27$2,310$1,029$1,282$267,058
28$2,310$1,024$1,287$265,772
29$2,310$1,019$1,292$264,480
30$2,310$1,014$1,297$263,184
31$2,310$1,009$1,301$261,882
32$2,310$1,004$1,306$260,576
33$2,310$999$1,311$259,264
34$2,310$994$1,316$257,948
35$2,310$989$1,322$256,626
36$2,310$984$1,327$255,300
37$2,310$979$1,332$253,968
38$2,310$974$1,337$252,631
39$2,310$968$1,342$251,289
40$2,310$963$1,347$249,942
41$2,310$958$1,352$248,590
42$2,310$953$1,357$247,233
43$2,310$948$1,363$245,870
44$2,310$943$1,368$244,502
45$2,310$937$1,373$243,129
46$2,310$932$1,378$241,751
47$2,310$927$1,384$240,367
48$2,310$921$1,389$238,978
49$2,310$916$1,394$237,584
50$2,310$911$1,400$236,184
51$2,310$905$1,405$234,779
52$2,310$900$1,410$233,369
53$2,310$895$1,416$231,953
54$2,310$889$1,421$230,532
55$2,310$884$1,427$229,105
56$2,310$878$1,432$227,673
57$2,310$873$1,438$226,236
58$2,310$867$1,443$224,793
59$2,310$862$1,449$223,344
60$2,310$856$1,454$221,890
61$2,310$851$1,460$220,430
62$2,310$845$1,465$218,965
63$2,310$839$1,471$217,494
64$2,310$834$1,477$216,017
65$2,310$828$1,482$214,535
66$2,310$822$1,488$213,047
67$2,310$817$1,494$211,553
68$2,310$811$1,499$210,054
69$2,310$805$1,505$208,549
70$2,310$799$1,511$207,038
71$2,310$794$1,517$205,521
72$2,310$788$1,523$203,999
73$2,310$782$1,528$202,470
74$2,310$776$1,534$200,936
75$2,310$770$1,540$199,396
76$2,310$764$1,546$197,850
77$2,310$758$1,552$196,298
78$2,310$752$1,558$194,740
79$2,310$747$1,564$193,176
80$2,310$741$1,570$191,606
81$2,310$734$1,576$190,031
82$2,310$728$1,582$188,449
83$2,310$722$1,588$186,861
84$2,310$716$1,594$185,267
85$2,310$710$1,600$183,667
86$2,310$704$1,606$182,060
87$2,310$698$1,612$180,448
88$2,310$692$1,619$178,829
89$2,310$686$1,625$177,204
90$2,310$679$1,631$175,573
91$2,310$673$1,637$173,936
92$2,310$667$1,644$172,292
93$2,310$660$1,650$170,643
94$2,310$654$1,656$168,986
95$2,310$648$1,663$167,324
96$2,310$641$1,669$165,655
97$2,310$635$1,675$163,980
98$2,310$629$1,682$162,298
99$2,310$622$1,688$160,610
100$2,310$616$1,695$158,915
101$2,310$609$1,701$157,214
102$2,310$603$1,708$155,506
103$2,310$596$1,714$153,792
104$2,310$590$1,721$152,071
105$2,310$583$1,727$150,344
106$2,310$576$1,734$148,610
107$2,310$570$1,741$146,869
108$2,310$563$1,747$145,122
109$2,310$556$1,754$143,368
110$2,310$550$1,761$141,607
111$2,310$543$1,768$139,839
112$2,310$536$1,774$138,065
113$2,310$529$1,781$136,284
114$2,310$522$1,788$134,496
115$2,310$516$1,795$132,701
116$2,310$509$1,802$130,899
117$2,310$502$1,809$129,091
118$2,310$495$1,815$127,275
119$2,310$488$1,822$125,453
120$2,310$481$1,829$123,624
121$2,310$474$1,836$121,787
122$2,310$467$1,843$119,944
123$2,310$460$1,851$118,093
124$2,310$453$1,858$116,235
125$2,310$446$1,865$114,371
126$2,310$438$1,872$112,499
127$2,310$431$1,879$110,620
128$2,310$424$1,886$108,733
129$2,310$417$1,894$106,840
130$2,310$410$1,901$104,939
131$2,310$402$1,908$103,031
132$2,310$395$1,915$101,116
133$2,310$388$1,923$99,193
134$2,310$380$1,930$97,263
135$2,310$373$1,938$95,325
136$2,310$365$1,945$93,380
137$2,310$358$1,952$91,428
138$2,310$350$1,960$89,468
139$2,310$343$1,967$87,501
140$2,310$335$1,975$85,526
141$2,310$328$1,982$83,543
142$2,310$320$1,990$81,553
143$2,310$313$1,998$79,555
144$2,310$305$2,005$77,550
145$2,310$297$2,013$75,537
146$2,310$290$2,021$73,516
147$2,310$282$2,029$71,488
148$2,310$274$2,036$69,451
149$2,310$266$2,044$67,407
150$2,310$258$2,052$65,355
151$2,310$251$2,060$63,295
152$2,310$243$2,068$61,228
153$2,310$235$2,076$59,152
154$2,310$227$2,084$57,069
155$2,310$219$2,092$54,977
156$2,310$211$2,100$52,877
157$2,310$203$2,108$50,770
158$2,310$195$2,116$48,654
159$2,310$187$2,124$46,530
160$2,310$178$2,132$44,398
161$2,310$170$2,140$42,258
162$2,310$162$2,148$40,110
163$2,310$154$2,157$37,953
164$2,310$145$2,165$35,788
165$2,310$137$2,173$33,615
166$2,310$129$2,181$31,434
167$2,310$120$2,190$29,244
168$2,310$112$2,198$27,045
169$2,310$104$2,207$24,839
170$2,310$95$2,215$22,624
171$2,310$87$2,224$20,400
172$2,310$78$2,232$18,168
173$2,310$70$2,241$15,927
174$2,310$61$2,249$13,678
175$2,310$52$2,258$11,420
176$2,310$44$2,267$9,153
177$2,310$35$2,275$6,878
178$2,310$26$2,284$4,594
179$2,310$18$2,293$2,302
180$2,310$9$2,302$0
181$2,310$0$2,310$0
182$2,310$0$2,310$0
183$2,310$0$2,310$0
184$2,310$0$2,310$0
185$2,310$0$2,310$0
186$2,310$0$2,310$0
187$2,310$0$2,310$0
188$2,310$0$2,310$0
189$2,310$0$2,310$0
190$2,310$0$2,310$0
191$2,310$0$2,310$0
192$2,310$0$2,310$0
193$2,310$0$2,310$0
194$2,310$0$2,310$0
195$2,310$0$2,310$0
196$2,310$0$2,310$0
197$2,310$0$2,310$0
198$2,310$0$2,310$0
199$2,310$0$2,310$0
200$2,310$0$2,310$0
201$2,310$0$2,310$0
202$2,310$0$2,310$0
203$2,310$0$2,310$0
204$2,310$0$2,310$0
205$2,310$0$2,310$0
206$2,310$0$2,310$0
207$2,310$0$2,310$0
208$2,310$0$2,310$0
209$2,310$0$2,310$0
210$2,310$0$2,310$0
211$2,310$0$2,310$0
212$2,310$0$2,310$0
213$2,310$0$2,310$0
214$2,310$0$2,310$0
215$2,310$0$2,310$0
216$2,310$0$2,310$0
217$2,310$0$2,310$0
218$2,310$0$2,310$0
219$2,310$0$2,310$0
220$2,310$0$2,310$0
221$2,310$0$2,310$0
222$2,310$0$2,310$0
223$2,310$0$2,310$0
224$2,310$0$2,310$0
225$2,310$0$2,310$0
226$2,310$0$2,310$0
227$2,310$0$2,310$0
228$2,310$0$2,310$0
229$2,310$0$2,310$0
230$2,310$0$2,310$0
231$2,310$0$2,310$0
232$2,310$0$2,310$0
233$2,310$0$2,310$0
234$2,310$0$2,310$0
235$2,310$0$2,310$0
236$2,310$0$2,310$0
237$2,310$0$2,310$0
238$2,310$0$2,310$0
239$2,310$0$2,310$0
240$2,310$0$2,310$0
Month #PaymentInterestPrincipalLoan Balance
0000$300,000
1$1,610$1,250$360$299,640
2$1,610$1,248$362$299,278
3$1,610$1,247$363$298,914
4$1,610$1,245$365$298,549
5$1,610$1,244$367$298,183
6$1,610$1,242$368$297,815
7$1,610$1,241$370$297,445
8$1,610$1,239$371$297,074
9$1,610$1,238$373$296,701
10$1,610$1,236$374$296,327
11$1,610$1,235$376$295,951
12$1,610$1,233$377$295,574
13$1,610$1,232$379$295,195
14$1,610$1,230$380$294,815
15$1,610$1,228$382$294,432
16$1,610$1,227$384$294,049
17$1,610$1,225$385$293,664
18$1,610$1,224$387$293,277
19$1,610$1,222$388$292,888
20$1,610$1,220$390$292,498
21$1,610$1,219$392$292,106
22$1,610$1,217$393$291,713
23$1,610$1,215$395$291,318
24$1,610$1,214$397$290,921
25$1,610$1,212$398$290,523
26$1,610$1,211$400$290,123
27$1,610$1,209$402$289,721
28$1,610$1,207$403$289,318
29$1,610$1,205$405$288,913
30$1,610$1,204$407$288,507
31$1,610$1,202$408$288,098
32$1,610$1,200$410$287,688
33$1,610$1,199$412$287,276
34$1,610$1,197$413$286,863
35$1,610$1,195$415$286,448
36$1,610$1,194$417$286,031
37$1,610$1,192$419$285,612
38$1,610$1,190$420$285,192
39$1,610$1,188$422$284,770
40$1,610$1,187$424$284,346
41$1,610$1,185$426$283,920
42$1,610$1,183$427$283,492
43$1,610$1,181$429$283,063
44$1,610$1,179$431$282,632
45$1,610$1,178$433$282,199
46$1,610$1,176$435$281,765
47$1,610$1,174$436$281,328
48$1,610$1,172$438$280,890
49$1,610$1,170$440$280,450
50$1,610$1,169$442$280,008
51$1,610$1,167$444$279,564
52$1,610$1,165$446$279,119
53$1,610$1,163$447$278,671
54$1,610$1,161$449$278,222
55$1,610$1,159$451$277,771
56$1,610$1,157$453$277,318
57$1,610$1,155$455$276,863
58$1,610$1,154$457$276,406
59$1,610$1,152$459$275,947
60$1,610$1,150$461$275,486
61$1,610$1,148$463$275,024
62$1,610$1,146$465$274,559
63$1,610$1,144$466$274,093
64$1,610$1,142$468$273,624
65$1,610$1,140$470$273,154
66$1,610$1,138$472$272,681
67$1,610$1,136$474$272,207
68$1,610$1,134$476$271,731
69$1,610$1,132$478$271,253
70$1,610$1,130$480$270,772
71$1,610$1,128$482$270,290
72$1,610$1,126$484$269,806
73$1,610$1,124$486$269,320
74$1,610$1,122$488$268,831
75$1,610$1,120$490$268,341
76$1,610$1,118$492$267,849
77$1,610$1,116$494$267,354
78$1,610$1,114$496$266,858
79$1,610$1,112$499$266,359
80$1,610$1,110$501$265,859
81$1,610$1,108$503$265,356
82$1,610$1,106$505$264,851
83$1,610$1,104$507$264,344
84$1,610$1,101$509$263,835
85$1,610$1,099$511$263,324
86$1,610$1,097$513$262,811
87$1,610$1,095$515$262,295
88$1,610$1,093$518$261,778
89$1,610$1,091$520$261,258
90$1,610$1,089$522$260,736
91$1,610$1,086$524$260,212
92$1,610$1,084$526$259,686
93$1,610$1,082$528$259,157
94$1,610$1,080$531$258,627
95$1,610$1,078$533$258,094
96$1,610$1,075$535$257,559
97$1,610$1,073$537$257,021
98$1,610$1,071$540$256,482
99$1,610$1,069$542$255,940
100$1,610$1,066$544$255,396
101$1,610$1,064$546$254,850
102$1,610$1,062$549$254,301
103$1,610$1,060$551$253,750
104$1,610$1,057$553$253,197
105$1,610$1,055$555$252,642
106$1,610$1,053$558$252,084
107$1,610$1,050$560$251,524
108$1,610$1,048$562$250,961
109$1,610$1,046$565$250,396
110$1,610$1,043$567$249,829
111$1,610$1,041$570$249,260
112$1,610$1,039$572$248,688
113$1,610$1,036$574$248,114
114$1,610$1,034$577$247,537
115$1,610$1,031$579$246,958
116$1,610$1,029$581$246,376
117$1,610$1,027$584$245,793
118$1,610$1,024$586$245,206
119$1,610$1,022$589$244,617
120$1,610$1,019$591$244,026
121$1,610$1,017$594$243,433
122$1,610$1,014$596$242,836
123$1,610$1,012$599$242,238
124$1,610$1,009$601$241,637
125$1,610$1,007$604$241,033
126$1,610$1,004$606$240,427
127$1,610$1,002$609$239,818
128$1,610$999$611$239,207
129$1,610$997$614$238,593
130$1,610$994$616$237,977
131$1,610$992$619$237,358
132$1,610$989$621$236,736
133$1,610$986$624$236,112
134$1,610$984$627$235,486
135$1,610$981$629$234,856
136$1,610$979$632$234,224
137$1,610$976$635$233,590
138$1,610$973$637$232,953
139$1,610$971$640$232,313
140$1,610$968$642$231,670
141$1,610$965$645$231,025
142$1,610$963$648$230,377
143$1,610$960$651$229,727
144$1,610$957$653$229,074
145$1,610$954$656$228,418
146$1,610$952$659$227,759
147$1,610$949$661$227,097
148$1,610$946$664$226,433
149$1,610$943$667$225,766
150$1,610$941$670$225,096
151$1,610$938$673$224,424
152$1,610$935$675$223,748
153$1,610$932$678$223,070
154$1,610$929$681$222,389
155$1,610$927$684$221,705
156$1,610$924$687$221,019
157$1,610$921$690$220,329
158$1,610$918$692$219,637
159$1,610$915$695$218,941
160$1,610$912$698$218,243
161$1,610$909$701$217,542
162$1,610$906$704$216,838
163$1,610$903$707$216,131
164$1,610$901$710$215,421
165$1,610$898$713$214,708
166$1,610$895$716$213,992
167$1,610$892$719$213,274
168$1,610$889$722$212,552
169$1,610$886$725$211,827
170$1,610$883$728$211,099
171$1,610$880$731$210,368
172$1,610$877$734$209,634
173$1,610$873$737$208,897
174$1,610$870$740$208,157
175$1,610$867$743$207,414
176$1,610$864$746$206,668
177$1,610$861$749$205,919
178$1,610$858$752$205,166
179$1,610$855$756$204,410
180$1,610$852$759$203,652
181$1,610$849$762$202,890
182$1,610$845$765$202,125
183$1,610$842$768$201,356
184$1,610$839$771$200,585
185$1,610$836$775$199,810
186$1,610$833$778$199,032
187$1,610$829$781$198,251
188$1,610$826$784$197,467
189$1,610$823$788$196,679
190$1,610$819$791$195,888
191$1,610$816$794$195,094
192$1,610$813$798$194,296
193$1,610$810$801$193,495
194$1,610$806$804$192,691
195$1,610$803$808$191,884
196$1,610$800$811$191,073
197$1,610$796$814$190,258
198$1,610$793$818$189,441
199$1,610$789$821$188,619
200$1,610$786$825$187,795
201$1,610$782$828$186,967
202$1,610$779$831$186,135
203$1,610$776$835$185,301
204$1,610$772$838$184,462
205$1,610$769$842$183,620
206$1,610$765$845$182,775
207$1,610$762$849$181,926
208$1,610$758$852$181,074
209$1,610$754$856$180,218
210$1,610$751$860$179,358
211$1,610$747$863$178,495
212$1,610$744$867$177,628
213$1,610$740$870$176,758
214$1,610$736$874$175,884
215$1,610$733$878$175,006
216$1,610$729$881$174,125
217$1,610$726$885$173,240
218$1,610$722$889$172,351
219$1,610$718$892$171,459
220$1,610$714$896$170,563
221$1,610$711$900$169,663
222$1,610$707$904$168,760
223$1,610$703$907$167,852
224$1,610$699$911$166,941
225$1,610$696$915$166,026
226$1,610$692$919$165,108
227$1,610$688$923$164,185
228$1,610$684$926$163,259
229$1,610$680$930$162,329
230$1,610$676$934$161,395
231$1,610$672$938$160,457
232$1,610$669$942$159,515
233$1,610$665$946$158,569
234$1,610$661$950$157,619
235$1,610$657$954$156,665
236$1,610$653$958$155,708
237$1,610$649$962$154,746
238$1,610$645$966$153,780
239$1,610$641$970$152,811
240$1,610$637$974$151,837
241$1,610$633$978$150,859
242$1,610$629$982$149,877
243$1,610$624$986$148,891
244$1,610$620$990$147,901
245$1,610$616$994$146,907
246$1,610$612$998$145,908
247$1,610$608$1,003$144,906
248$1,610$604$1,007$143,899
249$1,610$600$1,011$142,888
250$1,610$595$1,015$141,873
251$1,610$591$1,019$140,854
252$1,610$587$1,024$139,830
253$1,610$583$1,028$138,803
254$1,610$578$1,032$137,770
255$1,610$574$1,036$136,734
256$1,610$570$1,041$135,693
257$1,610$565$1,045$134,648
258$1,610$561$1,049$133,599
259$1,610$557$1,054$132,545
260$1,610$552$1,058$131,487
261$1,610$548$1,063$130,424
262$1,610$543$1,067$129,357
263$1,610$539$1,071$128,286
264$1,610$535$1,076$127,210
265$1,610$530$1,080$126,129
266$1,610$526$1,085$125,044
267$1,610$521$1,089$123,955
268$1,610$516$1,094$122,861
269$1,610$512$1,099$121,762
270$1,610$507$1,103$120,659
271$1,610$503$1,108$119,552
272$1,610$498$1,112$118,439
273$1,610$493$1,117$117,322
274$1,610$489$1,122$116,201
275$1,610$484$1,126$115,074
276$1,610$479$1,131$113,943
277$1,610$475$1,136$112,808
278$1,610$470$1,140$111,667
279$1,610$465$1,145$110,522
280$1,610$461$1,150$109,372
281$1,610$456$1,155$108,217
282$1,610$451$1,160$107,058
283$1,610$446$1,164$105,893
284$1,610$441$1,169$104,724
285$1,610$436$1,174$103,550
286$1,610$431$1,179$102,371
287$1,610$427$1,184$101,187
288$1,610$422$1,189$99,998
289$1,610$417$1,194$98,804
290$1,610$412$1,199$97,606
291$1,610$407$1,204$96,402
292$1,610$402$1,209$95,193
293$1,610$397$1,214$93,979
294$1,610$392$1,219$92,760
295$1,610$387$1,224$91,536
296$1,610$381$1,229$90,307
297$1,610$376$1,234$89,073
298$1,610$371$1,239$87,834
299$1,610$366$1,244$86,589
300$1,610$361$1,250$85,340
301$1,610$356$1,255$84,085
302$1,610$350$1,260$82,825
303$1,610$345$1,265$81,559
304$1,610$340$1,271$80,289
305$1,610$335$1,276$79,013
306$1,610$329$1,281$77,732
307$1,610$324$1,287$76,445
308$1,610$319$1,292$75,153
309$1,610$313$1,297$73,856
310$1,610$308$1,303$72,553
311$1,610$302$1,308$71,245
312$1,610$297$1,314$69,931
313$1,610$291$1,319$68,612
314$1,610$286$1,325$67,287
315$1,610$280$1,330$65,957
316$1,610$275$1,336$64,622
317$1,610$269$1,341$63,281
318$1,610$264$1,347$61,934
319$1,610$258$1,352$60,581
320$1,610$252$1,358$59,223
321$1,610$247$1,364$57,860
322$1,610$241$1,369$56,490
323$1,610$235$1,375$55,115
324$1,610$230$1,381$53,734
325$1,610$224$1,387$52,348
326$1,610$218$1,392$50,955
327$1,610$212$1,398$49,557
328$1,610$206$1,404$48,153
329$1,610$201$1,410$46,743
330$1,610$195$1,416$45,328
331$1,610$189$1,422$43,906
332$1,610$183$1,428$42,479
333$1,610$177$1,433$41,045
334$1,610$171$1,439$39,606
335$1,610$165$1,445$38,160
336$1,610$159$1,451$36,709
337$1,610$153$1,458$35,251
338$1,610$147$1,464$33,788
339$1,610$141$1,470$32,318
340$1,610$135$1,476$30,842
341$1,610$129$1,482$29,360
342$1,610$122$1,488$27,872
343$1,610$116$1,494$26,378
344$1,610$110$1,501$24,877
345$1,610$104$1,507$23,370
346$1,610$97$1,513$21,857
347$1,610$91$1,519$20,338
348$1,610$85$1,526$18,812
349$1,610$78$1,532$17,280
350$1,610$72$1,538$15,742
351$1,610$66$1,545$14,197
352$1,610$59$1,551$12,645
353$1,610$53$1,558$11,088
354$1,610$46$1,564$9,523
355$1,610$40$1,571$7,953
356$1,610$33$1,577$6,375
357$1,610$27$1,584$4,791
358$1,610$20$1,591$3,201
359$1,610$13$1,597$1,604
360$1,610$7$1,604$0

Use the calculator above to input the details of your home purchase and compare the monthly payments and total cost of a 15 year fixed-rate mortgage versus a 30 year fixed-rate mortgage.

Overview of 15 Year Mortgage vs 30 Year Mortgage

Among the various types of mortgages, the 30 year and 15 year fixed rate mortgages are the most commonly used among borrowers purchasing a home. The 30 year fixed-rate mortgage is by far the most popular loan type and is used by about 90% of borrowers buying a home according to Freddie Mac’s 2016 home buyer statistics. In second place is the 15 year fixed-rate mortgage, which is used by only about 6% of borrowers buying a home.

The key difference between these two mortgage types is the duration of the loan - you pay off the same initial loan amount over a period of either 15 years or 30 years. Read on to learn about the pros and cons of each mortgage type, and which one may be best for you.

15 Year Mortgage

Pros:

With a 15 year mortgage, lenders usually offer a lower interest rate than 30 year loans. Since the duration of the loan is half that of the 30 year mortgage, you pay less interest over the course of loan, even if the interest rates were the same. These two factors combined mean that the total interest paid over the length of the 15 year mortgage is much less than the 30 year mortgage. A 15 year mortgage also allows you to own your home free and clear much faster than a 30 year mortgage.

Cons:

The downside with a 15 year mortgage is that it has a higher monthly payment than a 30 year mortgage.

Who is it good for?

A 15 year mortgage may make sense for you if you are sufficiently established in your career to afford the higher monthly payments and wish to pay off your home before reaching retirement.

30 Year Mortgage

Pros:

The advantage of a 30 year mortgage is that it has a much lower monthly payment than a 15 year mortgage. This can make becoming a homeowner achievable even if you do not have as high of an income. In addition, a lower monthly payment allows you to invest more in your income into assets like index funds which may have a higher average annual return than your mortgage rate. With most 30 year mortgages, you can make additional principal payments at your discretion to pay off your house sooner, but you still have the flexibility of the fixed lower monthly payment.

Cons:

The downside to a 30 year mortgage is that you pay much more total interest over the length of the loan, as you can see with this calculator. In addition, lenders typically offer a higher interest rate for 30 year loans, so this further contributes to the interest expense.

Who is it good for?

As its popularity shows, a 30 year mortgage is generally a good bet no matter your financial situation. It is more affordable on a monthly basis and provides better flexibility allowing you to pay off your home faster if you choose to do so.

How to Use This Calculator

This calculator was designed to help you compare the monthly payments and total cost of a 15 year fixed-rate mortgage versus a 30 year fixed-rate mortgage. To use it, simply input your home purchase price, down payment percentage, and expected interest rate for each of the loan types. Then, the calculator will automatically update the monthly payments and interest numbers.

You can click on the “15 Year Loan Amortization Schedule” or the “30 Year Loan Amortization Schedule” tabs to view the breakdown of your payment towards principal and interest each month.