Simple Mortgage Calculator

15-Year vs. 30-Year Mortgage Calculator

Compare monthly payments, total interest, and payoff time—side by side.

Choosing between a 15-year and a 30-year mortgage is one of the biggest decisions in home financing. Use the calculator below to compare monthly payments (P&I and all-in), total interest paid, and lifetime cost. See your trade-offs clearly so you can pick the term that fits your budget and long-term goals.

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Monthly Payment & Interest Comparison

Loan Balance Over Time

Amortization (first 12 months)

15-Year

MonthPrincipalInterestBalance
1$1,077.09$1,666.67$318,922.91
2$1,082.70$1,661.06$317,840.22
3$1,088.34$1,655.42$316,751.88
4$1,094.00$1,649.75$315,657.88
5$1,099.70$1,644.05$314,558.18
6$1,105.43$1,638.32$313,452.75
7$1,111.19$1,632.57$312,341.56
8$1,116.97$1,626.78$311,224.59
9$1,122.79$1,620.96$310,101.79
10$1,128.64$1,615.11$308,973.15
11$1,134.52$1,609.24$307,838.64
12$1,140.43$1,603.33$306,698.21

30-Year

MonthPrincipalInterestBalance
1$275.51$1,800.00$319,724.49
2$277.06$1,798.45$319,447.42
3$278.62$1,796.89$319,168.80
4$280.19$1,795.32$318,888.61
5$281.77$1,793.75$318,606.85
6$283.35$1,792.16$318,323.49
7$284.94$1,790.57$318,038.55
8$286.55$1,788.97$317,752.00
9$288.16$1,787.36$317,463.84
10$289.78$1,785.73$317,174.06
11$291.41$1,784.10$316,882.66
12$293.05$1,782.46$316,589.61

Yearly Summary

YearP&I (15y)P&I (30y)Taxes+Fees (est.)Balance (15y)Balance (30y)
2025$32,925.04$24,906.17$7,000.00$306,698.21$316,589.61
2026$32,925.04$24,906.17$7,000.00$292,540.82$312,941.75
2027$32,925.04$24,906.17$7,000.00$277,472.81$309,039.91
2028$32,925.04$24,906.17$7,000.00$261,435.59$304,866.39
2029$32,925.04$24,906.17$7,000.00$244,366.83$300,402.27
2030$32,925.04$24,906.17$7,000.00$226,200.18$295,627.33
2031$32,925.04$24,906.17$7,000.00$206,865.02$290,519.91
2032$32,925.04$24,906.17$7,000.00$186,286.18$285,056.88
2033$32,925.04$24,906.17$7,000.00$164,383.67$279,213.47
2034$32,925.04$24,906.17$7,000.00$141,072.36$272,963.20
2035$32,925.04$24,906.17$7,000.00$116,261.62$266,277.73
2036$32,925.04$24,906.17$7,000.00$89,855.00$259,126.76
2037$32,925.04$24,906.17$7,000.00$61,749.87$251,477.89
2038$32,925.04$24,906.17$7,000.00$31,836.96$243,296.44
2039$32,925.04$24,906.17$7,000.00$0.00$234,545.34
2040$0.00$24,906.17$7,000.00$0.00$225,184.91
2041$0.00$24,906.17$7,000.00$0.00$215,172.74
2042$0.00$24,906.17$7,000.00$0.00$204,463.44
2043$0.00$24,906.17$7,000.00$0.00$193,008.48
2044$0.00$24,906.17$7,000.00$0.00$180,755.93
2045$0.00$24,906.17$7,000.00$0.00$167,650.25
2046$0.00$24,906.17$7,000.00$0.00$153,632.06
2047$0.00$24,906.17$7,000.00$0.00$138,637.81
2048$0.00$24,906.17$7,000.00$0.00$122,599.54
2049$0.00$24,906.17$7,000.00$0.00$105,444.56
2050$0.00$24,906.17$7,000.00$0.00$87,095.12
2051$0.00$24,906.17$7,000.00$0.00$67,468.04
2052$0.00$24,906.17$7,000.00$0.00$46,474.36
2053$0.00$24,906.17$7,000.00$0.00$24,018.94
2054$0.00$24,906.17$7,000.00$0.00$0.00

Enter Loan Details

Down payment

Comparison Summary

Loan amount
$320,000.00
Down payment
$80,000.00
15-Year P&I (mo)
$2,743.75
30-Year P&I (mo)
$2,075.51
15-Year All-in (mo)
$3,327.09
30-Year All-in (mo)
$2,658.85
Total Interest — 15y
$173,875.57
Total Interest — 30y
$427,185.01
Interest Saved choosing 15y
$253,309.44

“All-in” = P&I + estimated property tax, insurance, HOA, and (if applicable) PMI. Actual PMI policies vary.

Key Differences Between 15 and 30-Year Mortgages

  • Monthly payment: 15-year is higher; 30-year is lower.
  • Total interest: 15-year saves substantially; 30-year costs more over time.
  • Rates: 15-year loans often have lower interest rates than 30-year loans.
  • Flexibility: 30-year offers more cash-flow room; 15-year accelerates equity build.

When a 15-Year Mortgage Is Right for You

Consider a 15-year term if you have stable income, want to minimize lifetime interest, and can comfortably afford the higher monthly payment without compromising other goals.

When a 30-Year Mortgage Is a Better Choice

A 30-year term can be better for maximizing monthly affordability, maintaining emergency savings, or prioritizing investing and other financial goals alongside homeownership.

How the Calculator Works

Enter one set of property details (price, down payment, taxes, insurance, HOA). Provide separate interest rates for the 15-year and 30-year terms. The tool calculates monthly P&I, “all-in” payment (adding taxes/insurance/HOA), total interest, total cost, and a full amortization schedule for both scenarios.

Pros and Cons: 15-Year vs. 30-Year

15-Year

  • Lower total interest
  • Faster equity growth & payoff
  • Higher monthly payment

30-Year

  • Lower monthly payment
  • More cash-flow flexibility
  • Higher lifetime interest

Frequently Asked Questions

Is a 15-year mortgage always better?

It’s better for interest savings if you can comfortably afford the payment. Otherwise, a 30-year may be wiser.

What if I want the 15-year savings but the 30-year payment?

Consider a 30-year loan and make extra principal payments when possible. You’ll preserve flexibility and still cut interest.

Can I refinance from 30-year to 15-year later?

Yes, if rates/fees and your budget make sense. This can reduce total interest and shorten payoff time.

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