15- vs. 30-Year Mortgage Calculator

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Should You Choose a 15- or 30-Year Mortgage?

A 15-year mortgage can have higher payments than a 30-year mortgage, but can save you money in interest. Use our free calculator to estimate your payments and savings!

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This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of buying a home, speak with a loan advisor at Freedom Mortgage.

Based on the values entered, a 15-year loan might save you $* in interest with an estimated payment of $*

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How to Use a 15-Year vs. a 30-Year Mortgage Calculator

To use our comparison calculator, we’ll need some information about your prospective home:

Purchase price: The total you’ll pay to the seller of the home.
Down payment: The dollar amount you’ll put down. The calculator asks you to enter the down payment as a percentage of the purchase price.
Property tax: Cost of annual property taxes on the home.
Home insurance: Cost of homeowners insurance for a year.
Interest rates: Interest rate for both the 15- and 30-year terms.

Keep in mind that these numbers are estimates. While the calculator can be used as a planning tool, consider getting prequalification as you begin your homebuying journey.

15-Year Mortgage vs. 30-Year Mortgage: Which Loan Term Is Better?

Whether a 15- or 30-year mortgage is better for you depends on your finances and goals. Here are typical characteristics of the two mortgage terms:

15-Year Mortgages	30-Year Mortgages
Tend to have: Higher monthly payments Lower interest rates Less overall interest paid Ability to build equity faster Quicker pay-off timeline	Tend to have: Lower monthly payments Higher interest rates More overall interest paid Slower pace to build equity Longer pay-off timeline

By using our mortgage term comparison calculator, you can input custom values that will help you understand the potential benefits and downsides of each loan term for you.