15-Year vs 30-Year Mortgage
The 15-year loan usually carries a lower rate and far less total interest, but a much higher required payment. Compare them on your loan amount — and see how a 30-year loan with extra payments stacks up.
Your loan
Starting values come from the Freddie Mac Primary Mortgage Market Survey averages for 2026-08-06. Your own quote will differ.
| Term | Rate | P&I payment | Total interest | Principal paid in 5 yrs | Principal paid in 10 yrs |
|---|---|---|---|---|---|
| 30 years | 6.690% | $3,481 | $713,131 | $33,410 | $80,048 |
| 20 years | 6.350% | $3,979 | $414,852 | $78,923 | $187,249 |
| 15 years | 6.010% | $4,560 | $280,754 | $129,474 | $304,201 |
What this says
On a $540,000 loan, the 15-year payment is +$1,079 versus the 30-year — and it saves about $432,377 of interest over the life of the loan.
A middle path: take the 30-year loan and add extra principal voluntarily. You capture most of the payoff benefit while keeping the lower required payment for months when cash is tight. The 15-year loan's advantages are the typically lower rate and forced discipline.
Assumptions behind these numbers
- Property taxes, homeowners insurance, HOA dues and maintenance are estimates you can change; actual amounts vary by property and municipality.
- Home appreciation, rent growth and investment returns are assumptions, not predictions. Real markets move up and down.
- Mortgage insurance figures are estimates. Actual pricing depends on the lender, the mortgage insurer and your credit profile.
- Results ignore income tax effects, such as any deduction for mortgage interest or property taxes.
- Interest rates shown are averages or your own entries, not a rate quote or lock.
Keep going
Educational only: The calculators and information on this website are for educational and illustrative purposes only. Results are estimates based on the information and assumptions entered and are not a loan offer, commitment to lend, financial advice or guarantee of eligibility, rates, costs or savings. Actual loan terms, rates, fees, mortgage insurance and qualification requirements vary by borrower, property, lender and loan program. Speak with a licensed mortgage professional for personalized information.