Mortgage Guide

Mortgage basics

15-Year vs 30-Year Mortgage

Published by the Mortgage Guide editorial team. Rate assumptions and content updated October 2026. This page is educational. It is not a loan offer, approval, or personalized financial advice.

Same loan, different clock

Shortening the term does not change the amount borrowed. It packs repayment into fewer months, so each payment is larger and the balance falls faster.

Even when the 15-year rate is the same as the 30-year rate, interest falls because you pay the balance down sooner. A real 15-year quote is often a different rate. Type both rates into the compare tool.

Payment room matters

A payment that only works if nothing else goes wrong is a fragile plan. The affordability calculator's 28/36 guideline is a teaching limit, not a promise that the higher payment is safe.

If you want a 30-year required payment but plan to pay extra, use the payoff calculator. Extra principal is optional. A 15-year payment is required.

What usually changes with the term
TermMonthly principal and interestTotal interest
15 yearsHigherLower
30 yearsLowerHigher

Calculators

Related guides

Sources

Common questions

Is a 15-year loan always cheaper?

It usually costs less interest if you complete it. It costs more each month. A higher rate on the shorter term can narrow the gap.

What about a 20-year term?

The payment calculator includes 20 years so you can sit between the two.