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Mortgage

15-year vs. 30-year mortgage calculator


Calculate your payment and more

Determining which mortgage term is right can be a challenge. With a 15-year mortgage less interest is paid, but only with a higher monthly payment. Use this 15-year vs. 30-year mortgage calculator to compare these two mortgage terms.
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Mortgage

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Definitions
Mortgage amount: Original or expected balance for your mortgage.
Interest rate: Annual interest rate for your mortgage. Interest rates are generally lower for shorter term mortgages.
Marginal tax rate: This is your combined state and federal tax rate. This is used to calculate your potential income tax savings by deducting your mortgage interest.
Monthly payment: Monthly principal and interest payment (PI). Both 30 year and 15 year mortgages are shown.
Total payments: Total of all monthly payments over the full term of the mortgage. Both 30 year and 15 year mortgages are shown.
Total interest: Total of all interest paid over the full term of the mortgage. Both 30 year and 15 year mortgages are shown.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Fixed Rates
Adjustable Rates (ARMs) and Interest Only (IOs)
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About this index
Mortgage Overnight Averages
Product Rate +/- Last week
30 yr fixed
5.02%
5.06%
15 yr fixed
4.49%
4.64%
5/1 ARM
4.19%
4.20%
30 yr fixed refi
5.04%
5.07%
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