15-year vs. 30-year Fixed Mortgage Calculator

First, let’s get an idea of what a 15-year and a 30-year mortgage will cost you.

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Which best describes how you feel about monthly mortgage payments?
Which best describes your monthly budget?
If you had a financial crisis (e.g. job loss), do you have savings?
Which best describes your retirement contributions?
Which statement best describes your investment style?
How do you feel about total interest paid?
Which best describes your plans?
Your Recommendation
15-Year Fixed
Monthly Payment: $0.00
Total Interest: $0.00
Total Cost: $0.00
30-Year Fixed
Monthly Payment: $0.00
Total Interest: $0.00
Total Cost: $0.00

Learn more about 15-year vs. 30-year mortgages

A 15-year mortgage allows you to pay off your mortgage in half the time. It typically comes with a lower interest rate, saving you money over the life of the loan. However, monthly payments are significantly higher.

A 30-year mortgage is the most popular option due to flexibility. It has a higher interest rate and costs more in total interest, but monthly payments are lower and more manageable.

15-year is better if you:
  • Can afford higher monthly payments (approx double).
  • Want the lowest possible interest rate.
  • Are nearing retirement and want to be debt-free.
30-year is better if you:
  • Need lower monthly payments for budget flexibility.
  • Don’t have immediate plans to move.
  • Seek stability to weather economic uncertainty.
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