15- vs. 30-year mortgage calculator
Take the next step.
Use this 15- vs. 30-year mortgage calculator to get an estimate.
This 15- vs. 30-year mortgage calculator provides customized information based on the information you provide. But, it also makes some assumptions about mortgage insurance and other costs, which can be significant. Use the total cost and monthly payment estimates to help determine which option is best suited for your needs.
Which is better?
Choosing between a 15- and 30-year mortgage depends on your personal goals and your financial situation. Generally, a 15-year mortgage means higher monthly payments. This means you’ll be able to pay the loan off faster and pay less interest over the life of the loan. A 30-year mortgage generally offers lower monthly payments. With this option, your total payment will usually be larger. This 15- vs. 30-year mortgage calculator can help you determine which option is right for you.
Estimated monthly payment and APR example: A $225,000 loan amount with a 30-year term at an interest rate of 3.875% with a down-payment of 20% would result in an estimated monthly payment of $1,058.04 with an Annual Percentage Rate (APR) of 3.946%.1
Check out today’s mortgage rates.
Interest rates vary depending on the type of mortgage you choose. See the differences and how they can impact your monthly payment.
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