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15-Year vs 30-Year Mortgage

The tradeoff

A 15-year mortgage has a higher monthly payment but far less total interest. A 30-year mortgage is more affordable month-to-month but costs much more overall.

Compare the numbers

Plug the same balance into the mortgage calculator twice — once at 15 years, once at 30 — and compare the total interest for yourself.

Which is right?

Choose 15 years if you can comfortably afford the payment and want to minimize interest. Choose 30 years if you want a lower monthly obligation.

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