Mortgage term comparison

15 vs 30 Year Mortgage Calculator

See both loans side by side: what you pay each month, and what each one costs you in the end.

Term comparison

15-year versus 30-year loan

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Interest saved with 15 years

$302,601

15-year payment$3,375 /mo
30-year payment$2,528 /mo
15-year total interest$207,577
30-year total interest$510,178
Simple break-evenNot applicable—principal becomes equity
The shorter loan costs less overall but ties up more each month.

Use the real rates and fees your lender quoted. A bigger required payment leaves you less room to save and less room when something goes wrong.

Monthly payment against total cost

The trade you are making

A 15-year loan clears the balance twice as fast and costs far less interest in total. A 30-year loan spreads the same debt over twice as many months, so each payment is easier, but interest has twice as long to pile up.

Why there is no break-even month

With a refinance you pay a fee up front, then wait for the smaller payments to earn it back. A shorter term is not like that. Almost all of the extra you pay each month goes straight onto the balance and becomes the part of the home you own. So compare the payment, the rate, the fees and the total interest, not a break-even date that does not exist here.

Use the real rate for each

Lenders often price the two terms differently. Enter the rate you were actually quoted for each, not the same number twice. Fees and points matter too, and they are not in this comparison.

A smaller payment is worth something

Room in your budget has real value: for emergencies, for retirement, for whatever comes up. Taking 30 years and paying extra when you can keeps that room. Just remember you may not get the lower rate a true 15-year loan would have given you.

Compare real offers

CFPB: compare Loan Estimates

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Common questions

Frequently asked questions

Why is the 15-year payment so much bigger?+

You are paying off the same loan in half the time, so each payment has to do twice the work on the balance.

Is the 15-year rate always lower?+

Often, but not always. Use the rate your lender actually quoted for each one rather than guessing.

Is there a break-even point between the two?+

Not really. With a refinance you pay a fee up front and wait to earn it back. Here the bigger payment is not a fee at all: it goes onto what you owe and turns into the share of the home you own.

Can I take 30 years and just pay extra?+

You can, and it keeps your required payment low. But you will likely pay a slightly higher rate than a real 15-year loan, so it is not quite the same deal.