15 vs 30 Year Mortgage Calculator

Compare the monthly payment and total interest of a 15-year and a 30-year mortgage, and see what investing the difference does.

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Results are hypothetical illustrations based on the numbers you enter and simple assumptions: constant rates and returns, with no taxes or fees unless stated. They are not predictions or guarantees; real returns vary and can be negative. Educational content only. Not financial advice. Examples are hypothetical, not guaranteed. See our Disclaimer.

Quick answer: On a hypothetical $400,000 loan at 6.00% for 15 years vs 6.75% for 30 years, the 15-year payment is $3,375.43 a month against $2,594.39: about $781 more a month, but it saves $326,404 in interest. Hypothetical rates, not a quote, and not guaranteed.

What this 15 vs 30 year mortgage calculator does

It puts the two most common fixed-rate loans side by side: the monthly payment for each, the total interest for each, and the difference. An optional line answers the classic follow-up: what if you take the 30-year and invest the payment difference instead?

How to use it

  1. Enter the loan amount (price minus down payment).
  2. Enter the 30-year rate and the 15-year rate; 15-year loans usually carry a lower rate.
  3. Optional: set an investment return for the “invest the difference” line, or 0% to hide it.

Payments are principal and interest only; property tax, insurance and PMI come on top for both loans.

From the channel

Worked example

Inputs: $400,000 loan, 30-year at 6.75%, 15-year at 6.00%, invest-the-difference return 7%.

15-year (6.00%) 30-year (6.75%) Difference
Monthly payment $3,375.43 $2,594.39 $781.03
Total interest $207,577 $533,981 $326,404
Total paid $607,577 $933,981 $326,404

Invest the difference: putting the $781.03 a month into investments at 7% for 15 years grows to about $247,559. At that point the 30-year loan still owes $293,182, so in this example the 30-year plus investing is about $45,623 behind the 15-year at year 15 (hypothetical, before taxes). With both loans at 6.00% the gap is $255,776 in interest, the number from our video, and investing the $977.23 difference comes out about $25,548 ahead. The rate spread and your return decide it.

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Questions people ask

Is a 15-year or 30-year mortgage better?

A 15-year costs far less interest ($326,404 less in our $400,000 example) but has a higher payment (about $781 more a month). A 30-year is easier on cash flow and leaves room to invest or build savings. Pick the payment you can carry comfortably.

How much more is a 15-year mortgage payment?

Usually 25-45% more. On $400,000, a 15-year at 6.00% is $3,375.43 a month vs $2,594.39 for a 30-year at 6.75%, a difference of about $781.

Do 15-year mortgages have lower interest rates?

Usually, yes. Lenders charge less for the shorter term, and the 15-year average rate in Freddie Mac’s weekly survey typically sits well below the 30-year. Compare real quotes for both terms on the same day.

Should I get a 30-year mortgage and invest the difference?

It only works if you really invest the difference every month and earn more than your rate. In our example (7% return) the 30-year plus investing is about $45,623 behind at year 15; with both loans at 6% it is about $25,548 ahead. Hypothetical, not guaranteed.

Can I pay off a 30-year mortgage in 15 years?

You can get close by paying extra. Paying the 15-year amount ($3,375.43) on a 6.75% 30-year loan pays it off in about 16 years 4 months, with roughly $53,375 more interest than the 15-year loan, but you keep the option to pay less in a tight month.

How much income do I need for a 15-year mortgage?

Using the common 28% guideline for principal and interest alone, a $3,375.43 payment needs about $144,661 a year of gross income, vs about $111,188 for the 30-year payment of $2,594.39. Taxes and insurance raise both.