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15- vs. 30-Year Mortgage

Discover how your monthly mortgage payment and amortization schedule change depending on the mortgage term you choose. If you can afford the higher monthly payments of a 15-year mortgage, you’ll pay significantly less total interest than you would with a 30-year mortgage. Adjust the inputs below and click the ‘View Report’ button for your results.

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards 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.