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15 vs 30-Year Mortgage Calculator — Side-by-Side Comparison

Compare 15 and 30-year mortgages directly — monthly payment, total interest, and what you do with the payment difference.

Quick answer: A 15-year mortgage usually costs less total interest but has a higher monthly payment; a 30-year mortgage lowers the payment but costs more over time. Compare payment, interest, and cash-flow flexibility.

Interest Saved With 15-Year
$339,214
Interest Saved With 15-Year
$339,214
30-Year Monthly Payment
$2,586
15-Year Monthly Payment
$3,288
Total Cost (30-year)
$931,111
Payment composition
$5,875total
30-Year Monthly Payment$2,586
15-Year Monthly Payment$3,288
Total$5,875
Total Cost (15-year)
$591,898
Diagnostic

Your headline result: $339,214.

The 15-year saves that much in interest but raises your monthly payment — confirm your budget comfortably handles the higher payment before committing.

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What to do next

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Your action plan
  1. 1

    Compare the leading option against your current setup

    Compare total cost, monthly payment, and equity of each term.

  2. 2

    Compare the result against current market-rate options

    Assumptions change the answer, especially when rates, taxes, or timing matter.

  3. 3

    Save the result to Money Map or use the linked next action

    Turn the result into a prioritized action instead of treating it as a one-off number.

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This is an educational estimate, not tax, legal, investment, or lending advice. Tax rules, rates, and eligibility change and depend on your full situation. Confirm with a qualified professional or the provider before acting.

Calculator action path

Turn this result into a decision

Every SwitchWize calculator connects to a product comparison, rate context, guidance, alerts, and Money Map.

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Guide
HELOC vs Home Equity Loan vs Cash-Out Refi: Which Home Equity Strategy Wins?HELOC: variable rate, flexible draw. Home equity loan: fixed rate, lump sum. Cash-out refi: replaces your mortgage with a larger one. Here's how to choose the right home equity strategy in 2026.
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About mortgage rates

Mortgage rates depend on loan type (30-yr fixed, 15-yr fixed, ARM, FHA, VA, jumbo), your credit score, down payment, points paid, loan amount, property state, and whether you're purchasing or refinancing. The calculator above uses a representative market rate for payment estimates — your actual rate will vary.

For a personalized rate comparison, use the tool below to see lenders ranked by APR, loan type, and your profile.

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30-yr fixed · 15-yr fixed · FHA · VA · ARM — ranked by APR
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Mortgage rates shown on SwitchWize compare pages include loan type, assumed FICO, LTV, and points. Representative only — verify all terms directly with the lender. Advertising disclosure

Frequently Asked Questions

Everything you need to know.

Is a 15-year mortgage always better financially?
In pure interest savings, yes. But the correct comparison is: 15-year payment vs 30-year payment + investing the difference. If you would actually invest the ~$800/month difference from a 30-year at 8% returns, the 30-year can produce more wealth over 30 years than the 15-year mortgage savings.
Can I get a 15-year mortgage rate today?
15-year rates are typically 0.5–0.75% lower than 30-year. With 30-year rates at 6.72%, 15-year rates are around 6.09%. The lower rate accelerates equity building even further.
Is the 15 vs 30-Year Mortgage Calculator — Side-by-Side Comparison free to use?
Yes. SwitchWize calculators are free, and you do not need an account to run scenarios or view the result.
Does using the 15 vs 30-Year Mortgage Calculator — Side-by-Side Comparison affect my credit score?
No. Using a calculator does not trigger a credit check. A credit impact can occur only if you apply directly with a lender, card issuer, or provider.
Are the results personalized financial advice?
No. Calculator outputs are educational estimates based on the inputs you enter. Review assumptions and confirm terms directly with providers before making a financial decision.
What should I do after seeing the result?
Use the recommendation module on this page to compare mortgage rates, or run Money Map to compare this home & mortgage decision with your other opportunities.
How does SwitchWize choose related offers?
Related offers are matched by the calculator surface (mortgage) and ranked using SwitchWize data such as rate, fees, trust signals, product fit, and switching friction. Paid relationships do not change organic ranking order.
How fresh are the rates and offers shown?
Rate and offer data is reviewed on a recurring cadence and every offer module shows review context or links to the methodology and disclosure pages.
Where can I see the ranking methodology?
The SwitchWize methodology page explains how rate freshness, editorial review, affiliate disclosure, and category ranking factors work.
Can Money Map use this result?
Yes. Money Map is the broader diagnostic path: it compares savings, mortgage, cards, and debt so you can see whether this calculator result is your highest-impact next move.

Why This Matters

A 15-year mortgage on a $400,000 loan saves over $150,000 in interest versus a 30-year. But the higher monthly payment requires $800–$1,000 more per month. This calculator shows if you can afford it — and what investing the difference achieves.

How to Use It

  1. 1Enter loan amount and both interest rates (15 and 30-year)
  2. 2See side-by-side payment and total interest comparison
  3. 3Enter what you would invest from the payment difference
  4. 4See net wealth comparison — mortgage savings vs investment growth
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