Not financial advice. Mortgage FV Calculator is a software calculator, not a personal-finance product or advisory service. It computes standard financial functions and displays the results for your convenience. Nothing here constitutes, or is intended to constitute, financial, investment, tax, legal, mortgage, credit, or insurance advice. Always consult a qualified professional before making any financial decision.
15 vs 30 year mortgage calculator
The 15-year loan wins on interest. The 30-year loan wins on cash flow. This compares both on payment and total interest, and then values the payment difference if it were invested instead.
Three ways to run it
| Strategy | Monthly | Payoff | Total interest |
|---|---|---|---|
| 30-year fixed | $2,594 | 30 yr | $533,981 |
| 15-year fixed | $3,375 | 15 yr | $207,577 |
| 30-year, paid at the 15-year amount | $3,375 | 16 yr 4 mo | $260,952 |
Or invest the difference
Taking the 30-year loan frees up $781 a month. Invested at 7% for 15 years that is worth $247,559, against $326,404 of interest saved by the 15-year loan. Model the growth in detail on the future value calculator.
Common questions
- Is a 15-year mortgage always cheaper?
- In total interest, yes — a shorter term at a lower rate costs far less. But the higher payment reduces the cash you can invest elsewhere, so the better choice depends on what that difference would earn.
- Why is the 15-year rate lower?
- Lenders take on less duration and less credit risk over 15 years, so 15-year fixed rates are typically 0.5–0.75 percentage points below 30-year rates.
- Can I take a 30-year and just pay it like a 15?
- Yes, and it keeps flexibility, but you pay the higher 30-year rate for the whole period. This calculator shows that middle option alongside both terms.
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