15 vs 30 Year Mortgage Calculator
Mortgage Calculator with Amortization Schedule
Calculate your total monthly mortgage payment including principal, interest, taxes, insurance, and PMI with full amortization schedule export.
Shortens loan term & saves interest
Monthly Payment Breakdown
Principal & Interest: $3,322 • Taxes: $400 • Insurance: $100
| Period | Payment | Principal | Interest | Total Interest | Balance |
|---|---|---|---|---|---|
| Year 1 | $39,859.68 | $17,311.19 | $22,548.49 | $22,548.49 | $382,688.81 |
| Year 2 | $39,859.68 | $18,333.22 | $21,526.46 | $44,074.95 | $364,355.59 |
| Year 3 | $39,859.68 | $19,415.62 | $20,444.06 | $64,519.01 | $344,939.97 |
| Year 4 | $39,859.68 | $20,561.91 | $19,297.77 | $83,816.78 | $324,378.06 |
| Year 5 | $39,859.68 | $21,775.9 | $18,083.78 | $101,900.56 | $302,602.16 |
| Year 6 | $39,859.68 | $23,061.52 | $16,798.16 | $118,698.72 | $279,540.64 |
| Year 7 | $39,859.68 | $24,423.06 | $15,436.62 | $134,135.34 | $255,117.58 |
| Year 8 | $39,859.68 | $25,865.01 | $13,994.67 | $148,130.01 | $229,252.57 |
| Year 9 | $39,859.68 | $27,392.07 | $12,467.61 | $160,597.62 | $201,860.5 |
| Year 10 | $39,859.68 | $29,009.29 | $10,850.39 | $171,448.01 | $172,851.21 |
| Year 11 | $39,859.68 | $30,722 | $9,137.68 | $180,585.69 | $142,129.21 |
| Year 12 | $39,859.68 | $32,535.84 | $7,323.84 | $187,909.53 | $109,593.37 |
| Year 13 | $39,859.68 | $34,456.74 | $5,402.94 | $193,312.47 | $75,136.63 |
| Year 14 | $39,859.68 | $36,491.06 | $3,368.62 | $196,681.09 | $38,645.57 |
| Year 15 | $39,859.68 | $38,645.46 | $1,214.22 | $197,895.31 | $0.11 |
| Year 16 | $0.11 | $0.11 | $0 | $197,895.31 | $0 |
Compare Top Mortgage & Refinance Rates
Estimated monthly principal & interest based on a $400,000 mortgage. Primary source: Freddie Mac PMMS (October 2026).
| Loan Product | Interest Rate | APR | Est. Monthly P&I | Action |
|---|---|---|---|---|
30-Year Fixed | 7.40% | 7.48% | $2,770/mo | Check Rates |
15-Year Fixed | 6.71% | 6.84% | $3,531/mo | Check Rates |
5/1 Adj. Rate (ARM) | 6.65% | 7.15% | $2,568/mo | Check Rates |
FHA / VA 30-Year | 6.85% | 7.35% | $2,621/mo | Check Rates |
Shop Multiple Lenders
Borrowers who compare 3+ quotes save an average of $84,000 over a 30-year term.
Points vs Zero-Cost
Paying discount points lowers your ongoing interest rate if you plan to stay 5+ years.
PMI Removal Rules
Request private mortgage insurance cancellation as soon as your loan-to-value reaches 80%.
Advertising & Affiliate Disclosure: ConvertSheet is an independent educational calculation service and may receive compensation from partner financial institutions when users click to compare rates. Zero client data or calculated figures are ever shared.
15-Year vs. 30-Year Mortgage Side-by-Side
Compare monthly payments against lifetime interest costs on a $400,000 loan.
| Financial Metric | 15-Year Fixed (5.8%) | 30-Year Fixed (6.5%) | Difference |
|---|---|---|---|
| Monthly P&I Payment | $3,332 | $2,528 | +$804 /mo |
| Total Interest Paid | $199,825 | $510,178 | -$310,353 |
| Total Cost of Mortgage | $599,825 | $910,178 | -$310,353 |
| Payoff Timeframe | 180 Months (15 Yrs) | 360 Months (30 Yrs) | 15 Years Sooner |
15-Year Forced Discipline vs. 30-Year Payment Flexibility
Guarantees full debt freedom in 15 years while saving $310,353 in interest. Ideal for stable, high-earning households where the +$804/mo higher payment stays below 28% of monthly income.
Protects cash-flow with a lower required payment ($2,528/mo). You can voluntarily apply the extra $804/mo toward principal when finances allow, achieving a 15-year payoff without strict obligation.
Side-by-Side Term Comparison: 15 vs 30 Year Mortgage Calculator
| Loan Term | Est. APR | Monthly Payment | Total Interest | Total Loan Cost |
|---|---|---|---|---|
| 15-Year Fixed | 5.15% | $3,195/mo | $175,013 | $575,013 |
| 20-Year Fixed | 5.45% | $2,740/mo | $257,664 | $657,664 |
| 30-Year Fixed (Standard) | 5.75% | $2,334/mo | $440,345 | $840,345 |
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About 15 vs 30 Year Mortgage Calculator
15-Year vs 30-Year Fixed Mortgage Comparison ($400,000 Loan Example)
| Loan Term | Interest Rate | Monthly Principal & Interest | Total Interest Paid | Total Cost of Loan |
|---|---|---|---|---|
| 15-Year Fixed | 5.75% | $3,322 | $197,960 | $597,960 |
| 30-Year Fixed | 6.50% | $2,528 | $510,080 | $910,080 |
| Difference / Savings | -0.75% | +$794 / month | Save $312,120 | Save $312,120 |
Choosing between a 15-year and a 30-year fixed-rate mortgage is one of the most critical decisions when financing or refinancing a home. While a 30-year mortgage offers lower monthly payments that keep debt-to-income ratios manageable and free up immediate cash flow, a 15-year loan dramatically reduces lifetime interest expenses and allows you to own your property outright in half the time.
#### Key Trade-Offs to Consider
- Monthly Cash Flow: A 30-year loan lowers mandatory monthly outlays by approximately 24% to 30%, giving you breathing room for unexpected emergencies, child care, or retirement contributions.
- Lower Interest Rates: 15-year loans typically carry interest rates 0.50% to 0.75% lower than 30-year mortgages because the shortened amortization period presents less duration risk to the lender.
- Speed of Equity Accumulation: During the first 5 to 7 years of a 30-year loan, most of your payment goes towards interest. In a 15-year loan, substantial principal amortization begins immediately from payment number one.
- Prepayment Strategy: Many borrowers choose a 30-year mortgage for payment safety but make optional extra principal payments every month, capturing interest savings while retaining downside protection.
Related Mortgage Calculator & Amortization Schedule Calculations
Frequently Asked Questions: 15 vs 30 Year Mortgage Calculator
Clear mathematical answers to key questions, calculations, and loan parameters.
Is a 15-year mortgage better than a 30-year mortgage?
A 15-year mortgage is better if your primary objective is eliminating debt and saving tens or hundreds of thousands of dollars in interest, provided your budget comfortably supports the higher payment. A 30-year mortgage is better if you value cash flow flexibility, lower mandatory obligations, or plan to invest extra funds in retirement accounts with higher historical returns.
How much interest do I save on a 15-year mortgage vs a 30-year mortgage?
On a $400,000 loan balance, opting for a 15-year fixed loan at 5.75% instead of a 30-year fixed loan at 6.50% saves approximately $312,120 in total lifetime interest charges. The total loan cost drops from $910,080 to $597,960.
Can I pay off a 30-year mortgage in 15 years instead of getting a 15-year loan?
Yes. You can take out a 30-year mortgage and make additional principal payments each month to pay it off in 15 years. This provides payment flexibility if financial circumstances change. However, because 15-year mortgages usually offer lower interest rates (typically 0.50% to 0.75% lower), an official 15-year loan will still save you more interest overall.
Why are interest rates lower on 15-year mortgages?
Lenders assume less risk on a 15-year loan. Because the loan is paid off in half the time, lenders face reduced exposure to long-term inflation, interest rate volatility, and borrower default. They pass these reduced risk costs to borrowers in the form of lower interest rates.
What happens if I cannot make the higher monthly payment on a 15-year mortgage?
Because 15-year monthly payments are substantially higher, missing payments can damage your credit score and eventually lead to foreclosure. If you are uncertain about long-term income stability, a 30-year mortgage offers lower contractual monthly obligations, allowing you to pay extra principal voluntarily when affordable.
How does equity build differently between 15-year and 30-year loans?
On a 30-year mortgage, the majority of your early payments go toward interest, meaning principal balance decreases slowly. On a 15-year mortgage, a much larger portion of every monthly payment goes directly toward paying down principal from day one, allowing homeowners to build 50% equity in roughly 7 to 8 years rather than 18 to 20 years.
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