Finance calculator
15 vs 30 Year Mortgage Calculator
Compare a 15-year and 30-year mortgage: monthly payments and total interest saved.
Quick answer
How much do you save with a 15-year mortgage vs a 30-year?
On a $320,000 loan, a 15-year at 5.75% costs about $2,657/month with about $158,000 total interest, while a 30-year at 6.5% costs about $2,023/month with about $408,000 interest — roughly $250,000 saved for about $634 more per month.
- Enter the loan amount.
- Enter term and rate for loan A (e.g. 15 years).
- Enter term and rate for loan B (e.g. 30 years).
- Compare monthly payments and total interest.
Monthly payment = P × r ÷ (1 − (1 + r)^−n), where r = annual rate ÷ 12 and n = years × 12 • Interest saved = total interest (B) − total interest (A)
⚡ Answer updates as you type · Enter = calculate · Esc = reset
Compare two mortgages side by side, like a 15-year and a 30-year loan, to see the monthly payment difference and how much total interest the shorter term saves.
Disclaimer: This tool provides estimates for informational purposes only and is not financial advice. Please do your own due diligence and consult a qualified professional before making real-world financial decisions.
About this 15 vs 30 Year Mortgage Calculator
The 15 vs 30 Year Mortgage Calculator compares two home loans side by side. See the monthly payment for each, total interest paid over the life of the loan, how much the shorter term saves, and a chart of the remaining balance each year.
What you'll need
- • Loan amount
- • Loan A term and rate
- • Loan B term and rate
How it works
- 1. Enter the loan amount.
- 2. Set both loan terms and rates.
- 3. Read monthly payments and interest saved.
- 4. See remaining balances on the chart.
- 5. Download the comparison as CSV or PDF.
Worked example
$320,000 loan: 15 years at 5.75% vs 30 years at 6.5% — the 15-year saves about $250,000 in interest.
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15 vs 30 Year Mortgage Calculator FAQ
What is the 15 vs 30 Year Mortgage Calculator?
The 15 vs 30 Year Mortgage Calculator is a free online tool that helps you compare a 15-year and 30-year mortgage: monthly payments and total interest saved.
How do I use the 15 vs 30 Year Mortgage Calculator?
Open the 15 vs 30 Year Mortgage Calculator, enter the requested values, and review the instant estimate on the page.
Is the 15 vs 30 Year Mortgage Calculator free?
Yes. The 15 vs 30 Year Mortgage Calculator is free to use on Fast Online Calculator and does not require an account.
Is a 15-year mortgage better than a 30-year?
A 15-year loan costs far less interest and builds equity faster, but the monthly payment is higher. A 30-year loan keeps payments lower and gives more flexibility.
Why are 15-year mortgage rates lower?
Lenders take less risk over a shorter time, so 15-year rates are usually about 0.5–0.75% lower than 30-year rates.
Can I pay a 30-year mortgage like a 15-year?
Often yes — paying extra principal each month shortens the loan, as long as your loan has no prepayment penalty.
Can I compare other terms?
Yes. Enter any two terms, such as 20 vs 30 years or 10 vs 15 years.
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