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Mortgage Planning Tool
15 Year vs 30 Year

Compare both loan terms side by side — monthly payments, total interest paid, and accelerated payoff analysis.

15 Year Loan
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$
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30 Year Loan
$
$
%
Taxes & Insurance
$
$
Your Results
Side-by-Side Comparison
15 Year Loan
Approx. Monthly Payment
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/ month
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30 Year Loan
Approx. Monthly Payment
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/ month
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Monthly mortgage insurance required (less than 20% down). Estimate only. Contact a lending professional for accurate quote.

15 Year — Pros
  • Pay significantly less interest over the life of the loan
  • Every extra dollar above interest goes directly to principal
  • Own your home free and clear in 15 years
15 Year — Cons
  • Higher monthly payment — not ideal if budget is tight
  • Fixed obligation with no option to pay less
30 Year — Pros
  • Lower required monthly payment gives more breathing room
  • Option to pay extra toward principal — see accelerated payoff above
30 Year — Cons
  • More of each payment goes toward interest, especially early on
  • 30 years before the loan is paid off on standard schedule

© Mortgage Calculators by Gavin Hamilton  |  NMLS #857506

For educational and informational purposes only. Not a commitment to lend.

*APR estimate includes origination fees of $1,525, settlement fees, a 1% discount point, and 15 days prepaid interest (Portland, Oregon).

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