Should I get a 15-year or 30-year mortgage?

A 15-year mortgage has higher monthly payments but significantly less total interest. Choose 15-year if you can comfortably afford the higher payment and want to build equity faster. Choose 30-year if you need lower monthly payments for cash flow flexibility.

How much lower is a 15-year mortgage rate?

15-year mortgage rates are typically 0.50% to 0.75% lower than 30-year rates. The shorter term reduces lender risk, which is why they offer lower rates in exchange.

What credit score do I need for a 15-year mortgage?

Most lenders want a 620+ credit score for a 15-year conventional loan. Because the higher payment carries more risk of default, lenders often prefer 680+ scores for 15-year loans, though the lower rate can offset some qualification concerns.

15-Year Mortgage Calculator (2026) — Save Thousands in Interest

Loan Details

Home Price

Down Payment

Interest Rate

Monthly Payment (15-Year)$2,657

Loan Amount$320,000

Total Interest$158,316

Total Cost$558,316

What is a 15-year mortgage?

A 15-year fixed-rate mortgage is a home loan that you pay off in 15 years instead of the traditional 30. Because you're paying back the loan twice as fast, lenders charge a significantly lower interest rate — typically 0.50% to 0.75% lower than a comparable 30-year loan. On a $300,000 loan, that lower rate combined with the shorter term can save you well over $100,000 in total interest. The trade-off is a higher monthly payment, usually 50% to 80% higher than a 30-year payment on the same loan amount.

How to use this calculator

Enter your loan amount (home price minus down payment).
Enter the interest rate — check the current 15-year rate from our mortgage rates page.
Confirm the loan term is set to 15 years.
Optionally include property taxes, homeowners insurance, and PMI for a full PITI payment.
Click Calculate to see your monthly payment, total interest paid, and total cost.

Understanding your results

The calculator outputs three core numbers: your monthly principal & interest payment, total interest paid over 15 years, and total cost of the loan. Compare the total interest to a 30-year loan on the same amount — the difference is your savings. You can also see the full amortization schedule, showing how much of each payment goes to principal vs interest and how your equity builds each year.

Who should consider a 15-year mortgage?

A 15-year mortgage works best for borrowers who: have stable income that comfortably covers the higher payment, plan to stay in the home long-term, want to build equity faster, want to eliminate the mortgage before retirement, or are refinancing and have substantial equity. If you can't afford the higher payment without sacrificing other financial goals (emergency fund, retirement savings), the 30-year loan with optional extra payments may be a better fit.

15-year vs 30-year: real example

On a $350,000 loan at 6.0% interest: a 30-year loan costs about $2,099/month and $405,000 in total interest. A 15-year loan costs about $2,955/month and $181,000 in total interest. The 15-year saves roughly $224,000 in interest but adds about $850/month to your payment. This calculator lets you run your own numbers with your actual rate.

Frequently asked questions

Can I refinance a 30-year loan to a 15-year loan? Yes. Many homeowners refinance into a 15-year loan after building equity or when rates drop. Just be aware that refinancing resets the clock — make sure the total interest savings outweigh the closing costs.

Is the 15-year payment fixed? Yes, for fixed-rate loans. Your principal & interest payment stays the same for all 180 months.

Do I need a larger down payment for a 15-year? Not necessarily, but a larger down payment reduces the loan amount, which lowers the monthly payment on either loan type.

Related calculators

30-Year Mortgage Calculator — compare side by side
Mortgage Calculator — full monthly payment with taxes & insurance
15-Year vs 30-Year Mortgage — full comparison guide
Refinance Calculator — see if refinancing makes sense