15-year vs 30-year mortgage calculator
The calculator opens on the 15-year term of an example loan. Switch the term to 30 years to compare, and enter your own price, rate, and down payment.
Enter a home price and an interest rate to see your monthly payment.
Where your payment goes
| Part of the payment | Per month |
|---|
Above the baseline conforming loan limit
How it’s calculated
- Formula
payment = L × r ÷ (1 − (1 + r)−n)- Where
- L is the loan amount, r is the interest rate per month (annual rate ÷ 12), and n is the number of monthly payments.
- With your numbers
—
Amortization schedule
An estimate, not a loan offer
Your lender’s figures can differ. Property tax, insurance, PMI, and fees vary by home, lender, and place. This is general information, not financial or tax advice.Official figures used
PMI. You can ask your servicer to cancel private mortgage insurance when your balance is scheduled to reach 80% of the original value of your home, and the servicer must end it automatically at 78%, as long as you are current on payments. This calculator ends PMI when the balance, including your extra payments, reaches 78% of the home price.
Verified on October 8, 2026. Source: Consumer Financial Protection Bureau (CFPB), when can I remove PMI from my loan.
Conforming loan limit. For 2026, the baseline limit for a one-unit home is $832,750. In high-cost areas it is higher, up to $1,249,125.
Verified on October 8, 2026. Source: Federal Housing Finance Agency (FHFA), 2026 conforming loan limit values.
How to use it
- Enter the home price and your down payment, as a percent or in dollars.
- Enter the interest rate from your lender’s quote and choose a 30, 20, 15, or 10 year term.
- Add property tax, home insurance, HOA dues, and a PMI rate if your down payment is under 20%.
- Add extra payments, monthly, yearly, or one time, to see the interest you save and the new payoff date.
- Read the monthly breakdown and the amortization schedule, then download it as a CSV or copy a link.
Frequently asked questions
How much do I save with a 15-year mortgage?
In the example, the 15-year loan saves $226,385 in interest at the same rate, with a monthly payment $764.93 higher.
Is a 15-year or 30-year mortgage better?
The 15-year loan costs less overall; the 30-year loan has the lower required payment and more room in your budget. It depends on what you can pay every month comfortably.
Do 15-year loans have lower rates?
They often do, but the rate depends on the lender and your profile. Enter the actual rate from each quote in the calculator to compare.
$320,000 loan: 15 years against 30 years
The same $320,000 loan (20% down on a $400,000 home) costs $2,022.62 a month over 30 years and $2,787.54 over 15 years at the same 6.5% rate. The 15-year loan has a payment $764.93 higher and costs $226,385 less in interest.
Side by side
| 30 years | 15 years, same rate | 15 years, 0.5 point lower | |
|---|---|---|---|
| Rate | 6.5% | 6.5% | 6% |
| Monthly payment | $2,022.62 | $2,787.54 | $2,700.34 |
| Total interest | $408,142 | $181,758 | $166,062 |
| Total paid | $728,142 | $501,758 | $486,062 |
Lenders usually charge a lower rate on shorter terms. The last column is a what-if with a rate half a point lower, not a quote. The 6.5% rate is an example, not today’s rate. Enter your own in the mortgage calculator.
A middle path
You can take the 30-year loan and pay extra when you can. Paying $2,787.54 a month on the 30-year loan, the payment of the 15-year term, finishes it in 15 years and keeps the lower required payment as a cushion.
Updated on October 8, 2026