KLOORA15 vs 30 Year Mortgage Calculator
Compare the payment, total interest and savings of a 15 year and a 30 year mortgage.
Quick answer: 15 vs 30 Year Mortgage Calculator: Compare the payment, total interest and savings of a 15 year and a 30 year mortgage. Everything runs in your browser, so nothing you enter is uploaded or stored.
How to use 15 vs 30 Year Mortgage Calculator
- Enter your values in the fields.
- The results update instantly as you type.
- Note or copy the numbers you need.
Features
- Instant results
- Free, no signup
- Runs in your browser, nothing is uploaded
- Works on phone and desktop
How it works
Compute the payment for each term, then total interest = payment x months - loan.
Worked example
On 350,000, a 30 year loan at 6.6 percent costs about 2,235 a month and 454,000 in interest. A 15 year at 5.9 percent costs about 2,930 and 178,000 in interest.
Frequently asked questions
Which is better?
A 15 year loan costs far less interest but has a higher payment. A 30 year loan is easier to afford each month.
Why is the 15 year rate lower?
Lenders charge less for shorter loans.
Is the 15 vs 30 Year Mortgage Calculator free?
Yes. It is free, needs no signup and works on any device.