15 vs 30 Year Comparison

Compare the total cost and monthly burden of a 15-year vs 30-year mortgage.

Loan Amount ($)

30-Year Rate (%)

15-Year Rate (%)

Interest Saved with 15-Year

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Extra Monthly Cost (15yr)

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30-Year Mortgage

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Monthly P&I

Total interest: —

15-Year Mortgage

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Monthly P&I

Total interest: —

How it works

15-year mortgages typically come with lower interest rates (~50–75 bps less than 30-year) and let you pay roughly half as much total interest. The trade-off is a significantly higher monthly payment.

For informational purposes only. Not financial advice.