15 Year 30 Year Mortgage Calculator

Compare 15-year and 30-year mortgages using our calculator. Understand the differences in monthly payments, interest costs, and total repayment amounts to make an informed decision about your home loan.

How the Calculator Works

The 15-year vs 30-year mortgage calculator compares two common home loan terms based on your inputs. The calculator uses the standard mortgage payment formula:

M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1 ] Where: M = Monthly payment P = Principal loan amount i = Monthly interest rate (APR/12) n = Number of payments (term in months)

You enter your home price, down payment, interest rate, and loan term (15 or 30 years). The calculator then calculates:

Monthly payment amount
Total interest paid over the loan term
Total amount paid (principal + interest)

The calculator also generates a chart comparing the two loan terms side by side.

15-Year vs 30-Year Mortgages

Choosing between a 15-year and 30-year mortgage involves trade-offs between lower monthly payments and higher total interest costs. Here's a comparison of the key differences:

Feature	15-Year Mortgage	30-Year Mortgage
Monthly payments	Higher (due to shorter term)	Lower (due to longer term)
Interest costs	Higher (more interest paid)	Lower (less interest paid)
Total cost	Higher (more interest)	Lower (less interest)
Loan term	15 years	30 years
Refinancing options	Fewer (harder to refinance)	More common

When to Choose a 15-Year Mortgage

When you expect to sell or refinance within 15 years
When you want to pay off your mortgage faster
When you have a stable income and can handle higher payments

When to Choose a 30-Year Mortgage

When you plan to stay in your home long-term
When you want lower monthly payments
When you expect your income to grow over time

Worked Example

Let's compare a $300,000 mortgage with a 5% down payment and 4% interest rate:

15-Year Mortgage

Loan amount: $300,000 × 0.95 = $285,000
Monthly payment: $2,230.48
Total interest: $126,472.80
Total paid: $411,472.80

30-Year Mortgage

Loan amount: $285,000
Monthly payment: $1,632.94
Total interest: $102,486.40
Total paid: $387,486.40

In this example, the 30-year mortgage saves you $24,000 in interest payments over the life of the loan, but requires lower monthly payments.

Note: Actual results may vary based on your specific loan terms and market conditions.

Frequently Asked Questions

Which mortgage term is better?

The better term depends on your financial situation. A 15-year mortgage is better if you plan to sell or refinance soon. A 30-year mortgage is better if you plan to stay in your home long-term and want lower payments.

Can I change my mortgage term after taking it out?

Yes, you can refinance your mortgage to change the term. However, 15-year mortgages are harder to refinance than 30-year mortgages.

What factors affect mortgage payments?

Mortgage payments are affected by the loan amount, interest rate, and loan term. Other factors include points, private mortgage insurance, and property taxes.