Comparison
15-Year vs 30-Year Mortgage
The 15-year wins on cost; the 30-year wins on flexibility. A 30-year paid on a 15-year schedule captures most of both, provided you actually make the extra payment.
Option A
15-year term
In favour
- Substantially less lifetime interest
- Lower interest rate than the 30-year
- Equity builds far faster
- Debt-free years earlier
Against
- Much higher required monthly payment
- Less room in the budget for anything else
- Harder to qualify at the same price
vs
Option B
30-year term
In favour
- Lower required payment
- More cash free for investing or reserves
- Easier qualification
- You can still pay it like a 15-year voluntarily
Against
- Far more total interest
- Slower equity growth
- Usually a higher rate
Settle it
15 vs 30 Year Mortgage Calculator
compare P&I and total interest at each term, then value the payment difference invested
Estimates, not advice. Every figure here is produced from the inputs you enter and the formula printed on the page. Rules differ by state, carrier, lender and contract, so use these numbers to prepare for a conversation with a qualified professional rather than to replace one. See our full disclaimer.