15-Year Mortgage Calculator
Compare 15-year mortgage vs 30-year and calculate savings.
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Calculate
15-Year Mortgage Calculator
Compare 15-year mortgage vs 30-year and calculate savings.
Why choose a 15-year mortgage?
- ✓Own your home in half the time
- ✓Save $100k+ in lifetime interest
- ✓Qualify for lower interest rates
$
$
20% Down PaymentRecommended: 20%
%
Typical 15-year rate: 6-7%
$
$
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15-Year vs 30-Year comparison
| Feature | 15-Year | 30-Year |
|---|---|---|
| Monthly payment | Higher | Lower |
| Interest rate | Lower rate | Higher rate |
| Total interest | Much less | Much more |
| Equity building | Fast | Slow |
| Monthly cash flow | Tighter | More flexible |
15-Year Mortgage
Interest rate6.5%
Monthly Payment$2,613
Total Interest$170,340
Payoff date2040
30-Year Mortgage
Interest rate7.0%
Monthly Payment$1,996
Total Interest$418,560
Payoff date2055
Save with a 15-year mortgage: $248,220 in interest! 🎉
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Best fit if...
- ✓Stable, high household income
- ✓Plan to stay in the home 10+ years
- ✓Low existing debt obligations
- ✓Aggressive savings or early-retirement goals
Consider a 30-year if...
- ⚠Your budget already feels tight each month
- ⚠You recently changed jobs or income is unstable
- ⚠You still have other high-interest debt
- ⚠Emergency fund is below 3 months of expenses
Frequently Asked Questions
Frequently Asked Questions
faq.howMuchSaveInterest
faq.howMuchSaveInterestAnswer
faq.canIAfford15Year
faq.canIAfford15YearAnswer
faq.canRefinanceTo15Year
faq.canRefinanceTo15YearAnswer
faq.whatIfLoseJob
faq.whatIfLoseJobAnswer
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