15-year versus 30-year mortgages

Same loan, different term

A 15-year term has 180 monthly payments. A 30-year term has 360. Spreading the same loan over more months usually lowers the scheduled principal-and-interest payment. It also leaves a balance outstanding for longer, so more interest can accrue.

The calculator does not decide which term is appropriate. The comparison is the payment, the payoff date, and the interest total for the scenario you enter.

Rate and term move together only if you change both

The term buttons change the number of years. They do not by themselves change the interest rate. Example rates shown on the calculator are labeled separately and are not applied until you choose one.

A shorter term is sometimes offered at a different rate in the market. This page does not claim that difference, because the calculator does not fetch live rates. Type the rate you want to test.

A lower payment is not the same as a lower cost

The monthly total can look easier on a 30-year term while the interest line in the loan summary is higher. Extra principal on the longer term can move the payoff earlier. That extra amount still is not included in the displayed monthly housing payment.

Use the calculator’s comparison view if you want the same price and down payment shown across loan types. Changing the term inside one scenario remains the direct way to compare 15 and 30 years.

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Related guides

• How mortgage payments are calculated
• What affects monthly mortgage costs?
• How down payments affect mortgages

Read the methodology

Written to explain how this site’s calculators work. Not a review by a licensed mortgage professional, and not a recommendation to borrow. These notes are not financial, tax, or legal advice.