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Printed August 5, 2026 · https://trycleartally.com/15-vs-30-year-mortgage
Estimates for educational purposes only — not financial advice. See https://trycleartally.com/disclaimer.
15 vs 30 Year Mortgage Calculator
Compare a 15-year and a 30-year mortgage side by side — each with its own rate — to see the monthly payments, the total interest, and exactly what the shorter term buys you.
Reviewed by the ClearTally editorial team · Last updated July 8, 2026 · Methodology & sources
Part of the mortgage calculators collection — 12 tools in the order most people need them.
For context only — the payment comparison is driven by the loan amount.
80.0% of the home price — a 20.0% down payment.
15-year loans usually price below 30-year rates.
Interest saved with the 15-year
$249,826
Extra monthly cost of the 15-year
$634.69
15-year monthly payment
$2,657.31
30-year monthly payment
$2,022.62
15-year total interest
$158,316
30-year total interest
$408,142
15-year total paid
$478,316
30-year total paid
$728,142
Balance over time, side by side
The 15-year line drops faster because more of each payment is principal from day one — that head start is where the interest savings come from.
Principal & interest only — taxes, insurance, and PMI are the same either way and aren't included. Assumes fixed rates for the full term of each loan. Estimate only, not financial advice.
15 vs 30 Year Mortgage Worksheet
Interest saved with the 15-year
$249,826
Principal & interest only, fixed rates assumed for both terms. Not financial advice.
Balance by year (15-year vs 30-year)
| Year | 15-year balance | 30-year balance |
|---|---|---|
| 1 | $306,151 | $316,423 |
| 2 | $291,484 | $312,607 |
| 3 | $275,952 | $308,535 |
| 4 | $259,502 | $304,191 |
| 5 | $242,082 | $299,555 |
| 6 | $223,633 | $294,609 |
| 7 | $204,094 | $289,332 |
| 8 | $183,402 | $283,701 |
| 9 | $161,488 | $277,694 |
| 10 | $138,281 | $271,284 |
| 11 | $113,703 | $264,444 |
| 12 | $87,675 | $257,147 |
| 13 | $60,109 | $249,361 |
| 14 | $30,916 | $241,053 |
| 15 | $0 | $232,189 |
| 16 | $0 | $222,732 |
| 17 | $0 | $212,641 |
| 18 | $0 | $201,874 |
| 19 | $0 | $190,386 |
| 20 | $0 | $178,129 |
| 21 | $0 | $165,051 |
| 22 | $0 | $151,097 |
| 23 | $0 | $136,208 |
| 24 | $0 | $120,323 |
| 25 | $0 | $103,373 |
| 26 | $0 | $85,289 |
| 27 | $0 | $65,993 |
| 28 | $0 | $45,405 |
| 29 | $0 | $23,438 |
| 30 | $0 | $0 |
Calculated using the standard formulas described at https://trycleartally.com/methodology — for educational estimates only, not a quote or financial advice. Verify with your lender or financial institution before making decisions.
Leaning toward the 30-year with extra payments? The mortgage payoff calculator shows what any extra amount saves, and biweekly payments are another way to shorten a 30-year loan.
How it works
Both loans use the standard fixed-rate amortization formula on the same loan amount — the only differences are the term and the rate. Those differences compound: a 15-year loan usually prices below a 30-year loan, and with half the time for interest to accrue, far more of each payment goes to principal from the first month. We run both schedules in full and put the payments, total interest, and payoff side by side.
The tradeoff to keep in view is cash flow, not just totals. The 15-year's higher payment is mandatory every month, in good years and bad; the 30-year's lower payment leaves room you can always choose to fill with extra principal. The comparison here is principal and interest only — taxes, insurance, and PMI don't depend on which term you pick.
Example: on a $320,000 loan with the 15-year at 5.75% and the 30-year at 6.5%, the payments are about $2,657 vs $2,022 — roughly $635 more per month for the 15-year. In exchange, lifetime interest falls from about $408,000 to about $158,000: a saving of roughly $250,000, and the house is yours 15 years sooner.
FAQ
Yes — the savings are usually dramatic, because two effects stack. The obvious one is time: interest accrues for 15 years instead of 30. The less obvious one is the rate: 15-year loans typically price around half a percentage point below 30-year loans. On a $320,000 loan that combination cuts lifetime interest from roughly $408,000 to $158,000. What it costs you is a payment about a third higher, locked in every month for 15 years.
It comes down to how much certainty your budget can absorb. The 15-year is the cheaper loan by far, but its higher payment is an obligation — miss it and you're in trouble, whatever the reason. Advisors often frame the 30-year as buying flexibility: the required payment is lower, and you can send extra principal in the months you can afford it. People with stable incomes and room in the budget tend toward the 15; people who value a safety margin, or who'd rather direct the difference at higher-rate debt or retirement accounts, tend toward the 30. Run your real numbers above — the size of the gap is what should drive the call, not a rule of thumb.
Lenders take less risk on a shorter loan — there's less time for rates, inflation, or your finances to move against them, and the money is repaid much faster. That's typically worth around half a percentage point off the rate, though the gap widens and narrows with the market. You can check the current spread on the Freddie Mac survey series published by FRED.
Yes — and it's a popular middle path, but it isn't free. Using the example above: pay the 15-year-sized payment (about $2,657) on the 30-year loan at 6.5% and you'd be done in about 16 years 4 months with roughly $200,000 in interest — about $41,000 more than the true 15-year at its lower 5.75% rate. You're paying that premium for flexibility: any month you need to, you can drop back to the required $2,022 payment. The mortgage payoff calculator lets you test any extra-payment plan like this.
No — deliberately. Property taxes, homeowners insurance, and PMI are set by the home, your down payment, and your insurer, not by the loan term, so they'd add the same amount to both columns. Comparing principal and interest isolates the thing you're actually deciding. For the full monthly cost of a specific home, use the mortgage calculator, which adds those on top.