15-Year Mortgage Calculator
Compare 15-year vs 30-year mortgage payments. See how a shorter term saves you money on interest while building equity faster.
A 15-year mortgage is the fastest conventional path to full homeownership. You will pay significantly more each month compared to a 30-year term, but in return you build equity at an accelerated pace, typically secure a lower interest rate, and pay far less in total interest. This option is best suited for buyers with stable high incomes who can absorb the larger payment without sacrificing retirement contributions or emergency reserves.
$
$
years
%
Monthly Payment
$2,439.10
Total Interest
$159,038
Total Cost
$439,038
Payment Breakdown
Principal: $280,000Interest: $159,038
Key Considerations
- On a $280,000 loan, a 15-year term at 5.9% (typical 0.5-0.75% discount vs. 30-year rates) produces a monthly payment of roughly $2,364 -- about $598 more per month than a 30-year at 6.5%.
- Total interest on the 15-year term would be approximately $145,500 compared to over $357,000 on a 30-year -- a savings of more than $211,000 over the life of the loan.
- After just 5 years on a 15-year mortgage, you will have paid down roughly $78,000 in principal versus only about $22,000 on a 30-year -- giving you substantially more equity if you need to sell or refinance.
- Before committing to a 15-year term, ensure you still have room to max out 401(k) contributions and maintain 3-6 months of living expenses in an emergency fund.
- If the higher payment feels tight, consider taking the 30-year loan but making extra payments equivalent to the 15-year amount -- this preserves flexibility while still accelerating payoff.
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