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15-Year vs. 30-Year Mortgage Calculator

See the monthly bill, the interest cost and what you would still owe. Simple help for every number.

YOUR TWO LOAN OPTIONS

Same mortgage amount. Two ways to repay it.

Compare two new fixed-rate mortgages. Use a rate for each term; they can be different. This is not a comparison with your existing loan.

Example numbers are for learning, not live rates or lender offers.

15-year and 30-year loan assumptions

Mortgage amount ($)

Home price minus your down payment.

How many years should we compare?

Try 5 if you might move in five years.

15-year fixed interest rate (%)

For 6%, enter 6. Use the note rate, not APR.

30-year fixed interest rate (%)

For 6.5%, enter 6.5.

Add fees, insurance and your monthly budget

Optional costs start at $0, so they are left out until you add them. Use your lender estimates and monthly tax/insurance costs for a fuller comparison. Both loans use the same borrowed amount.

15-year fees paid in cash ($)

Use your Loan Estimate. Leave out your down payment.

30-year fees paid in cash ($)

Use the estimate for this loan, which may differ.

15-year mortgage insurance ($/month)

Ask your lender. Enter 0 if none applies.

30-year mortgage insurance ($/month)

Use this loan’s own insurance estimate.

Months of insurance on the 15-year loan

Enter 0 when there is no mortgage insurance.

Months of insurance on the 30-year loan

Five years × 12 = 60 months.

Taxes, home insurance and HOA ($/month)

Add monthly amounts. Divide annual bills by 12.

Optional monthly housing budget ($)

0 means no budget check. Try your own spending limit.

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YOUR ESTIMATED COMPARISON

A smaller bill or a faster payoff?

A 30-year loan spreads payments over more months. A 15-year loan ends sooner. Enter both rates to see the payment difference and the interest each option could cost.

We also compare the same years so you can see the mortgage still owed if you move before payoff.

ASK ABOUT THIS CALCULATOR / COMING SOON

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