15-Year vs. 30-Year Mortgage
The same loan over half the term costs much more each month and far less overall. The right answer depends on which of those two numbers actually constrains you.
The trade-off in one line
A shorter term means each payment carries more principal, so you pay less interest in total — but the payment is bigger and you're locked into it. A 15-year payment is typically around 1.4–1.5× the 30-year payment on the same balance, while total interest is often less than half.
The case for 15 years
- Dramatically less interest paid over the life of the loan.
- Equity builds fast from the very first payment.
- Lenders usually price shorter terms at a slightly lower rate.
- The mortgage is gone while you're still earning.
The case for 30 years
- A lower required payment, which is real breathing room if income dips.
- Flexibility to invest, save, or pay extra — on your terms, not the lender's.
- You can imitate a 15-year schedule voluntarily; you can't imitate a 30-year one once you've signed for 15.
The third option
A 30-year mortgage with a recurring extra payment sized to a 15-year schedule gets you most of the interest saving while keeping the low payment as your fallback. It costs a little more than a true 15-year loan (usually a slightly higher rate), and buys optionality in return.
Compare all three in Hearth
Set the term to 30 and note the payment and total interest, switch to 15 and compare, then go back to 30 and add an extra payment until the payoff lands at 15 years. Hearth updates the payment, total interest, and payoff date live — and signing in lets you save each version as a named scenario.
Try it on your own numbers
Free, no sign-up — move the sliders and watch it update live.
Open the calculatorFrequently asked questions
Is a 15-year mortgage really better than a 30-year?
It pays far less total interest, which is better in pure arithmetic. A 30-year is better if the lower required payment is what keeps your finances safe, or if you would rather invest the difference. Run both and compare the actual figures.
How much more is a 15-year payment?
Usually about 1.4 to 1.5 times the 30-year payment on the same balance — less than double, because the interest portion is much smaller. The exact multiple depends on the rate.
Can I turn a 30-year mortgage into a 15-year one?
Effectively, yes — add a recurring extra payment sized so the balance clears in 15 years. You keep the lower required payment if things get tight, at the cost of the slightly higher 30-year rate.
Do 15-year mortgages have lower rates?
Typically a little lower, since the lender is exposed for less time. The gap varies with the market; use your own quoted rates in the calculator rather than assuming a fixed spread.