15 vs 30 Year Mortgage Calculator
Measure the payment tradeoff and long-run interest difference between common mortgage terms.
15 vs 30 Year Mortgage Calculator estimate
How the estimate works
Both payments use fixed-rate amortization with their entered rates and terms; total interest is total scheduled payments minus principal.
Worked example
Example: compare the same $400,000 balance at 5.9% for 15 years and 6.5% for 30 years. The shorter term requires a higher payment but sharply reduces lifetime interest.
Important limitation
The comparison excludes taxes, insurance, closing costs, points, refinancing, and the opportunity cost of the payment difference. Results are estimates only and are not financial, lending, legal, tax, or investment advice.
Assumptions and review
Formula review: July 29, 2026. This tool uses only the editable values shown above and does not pull live rates, prices, balances, or account data.
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Frequently asked questions
How does the 15 vs 30 year mortgage calculator work?
Both payments use fixed-rate amortization with their entered rates and terms; total interest is total scheduled payments minus principal.
Is this 15 vs 30 year mortgage calculator exact?
No. It is a planning estimate based on the values you enter. Actual rates, fees, timing, taxes, and provider rules can change the result.
Can I change the assumptions?
Yes. Every displayed input is editable so you can compare scenarios instead of relying on a hidden default.