15 vs 30 year mortgage calculator
scenario a is a 30-year loan at 6.5% and scenario b is a 15-year loan at 5.75%. change the numbers to match the rates you are quoted.
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how to 15 vs 30 year mortgage calculator
- enter the home price, down payment (in dollars or percent), interest rate and loan term.
- add yearly property tax, insurance, any hoa fees and the pmi rate quoted to you.
- type an extra monthly payment to see how much interest and time it saves.
- tick compare two scenarios to set a second loan, such as 15 years instead of 30.
- read the monthly payment, the balance chart and the amortization schedule, then copy the share link if you want to send it.
on a 320,000 loan, the 30-year option at 6.5% costs about 2,023 per month in principal and interest and 408,000 in interest. the 15-year at 5.75% costs about 2,657 per month and 158,000 in interest, around 250,000 less, in exchange for 634 more every month.
shorter loans usually come with a lower rate, but the higher payment cuts into your budget and other goals. a middle path is to take the 30-year loan and pay the 15-year amount only when you can, using the extra payment field: you keep the flexibility of the lower required payment.
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frequently asked questions
how much more is a 15-year payment than a 30-year one?
in the example, about 630 more per month on principal and interest. with different rates the gap changes, so enter your own quotes.
why is the 15-year interest so much lower?
you borrow the money for half as long and the balance falls faster, plus the rate is usually lower. the balance chart shows the 15-year line reaching zero at the halfway point.
can i afford the 15-year loan?
many lenders suggest keeping your total housing payment under about 28% of gross monthly income. the monthly total in each scenario includes tax, insurance and hoa so you can compare against that.