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15-Year vs. 30-Year Mortgage
A shorter mortgage usually trades a higher required payment for faster equity growth and less interest. A longer term lowers the required payment but can cost substantially more if held for decades.
Compare your own offersWhat decides it
Use the payment you can sustain through income changes, then compare total interest over the years you realistically expect to keep the loan.
Required payment
Higher
Lower
Interest rate
Often lower
Often higher
Equity growth
Faster
Slower
Payment flexibility
Less monthly room
More room; voluntary extra payments remain possible
Before deciding
Make the comparison fair
- Compare offers from the same date and lender context.
- Include points, lender fees, taxes, insurance, and mortgage insurance.
- Stress-test the higher payment against an income interruption.
- Model the expected ownership period, not only the full term.
Calculators for this decision
FinanceMortgage
Estimate a monthly mortgage payment including principal, interest, property tax, and insurance.
Open calculator FinanceMortgage Extra PaymentsSee how recurring and one-time extra principal payments can shorten a mortgage and reduce interest.
Open calculator FinanceMortgage AffordabilityEstimate a home price ceiling from income, debts, down payment, interest rate, taxes, insurance, and adjustable budget limits.
Open calculatorUnderstand the tradeoffs
Can I choose 30 years and pay it like a 15-year loan?
Often yes when the loan has no prepayment penalty and extra money is applied to principal. The contractual payment remains lower, but the interest rate may be higher.
Should retirement savings affect the choice?
Yes. Compare the guaranteed interest avoided with the value and risk of other uses for the monthly difference.