Mortgage Comparison Calculator
Compare 15-year vs 30-year mortgage options to find the best choice for your financial goals.
15-Year vs 30-Year Mortgage Comparison
Enter your loan details to see the difference between mortgage terms
15-Year vs 30-Year Mortgage: Which is Better?
15-Year Mortgage Pros
- Lower interest rate (typically 0.25-0.75% less)
- Pay off your home in half the time
- Build equity much faster
- Save tens of thousands in interest
- Own your home outright sooner
15-Year Mortgage Cons
- Higher monthly payments (about 40-50% more)
- Less budget flexibility
- May limit how much home you can afford
- Less money for other investments
- Harder to qualify due to higher payments
30-Year Mortgage Pros
- Lower monthly payments
- Easier to qualify for
- More budget flexibility
- Can invest the difference
- Afford a more expensive home
30-Year Mortgage Cons
- Higher interest rate
- Pay significantly more interest over time
- Build equity more slowly
- Longer time to own home outright
- More interest paid = less wealth built