15-Year Mortgage Calculator
A 15-year mortgage costs more monthly but saves tens of thousands in interest and builds equity fast. This shows the real trade-off side by side.
The trade-off: a 15-year mortgage trades a higher monthly payment for a much lower rate and half the interest runway. On a $320,000 loan at example 5.5% vs 6.5%, the 15-year pays about $200,000 less in interest. Consider it if: your cash flow supports the higher payment and you want to retire the mortgage by mid-career. Alternative: a 30-year with extra principal payments gives flexibility (pay the 15-year amount when you can, minimum when you can't) with most of the same savings.
FAQ
Is a 15-year mortgage worth it?
It saves a large amount of interest and builds equity faster, but the monthly payment is significantly higher. If the higher payment is comfortable, it's usually a strong choice for long-term savings.
How much more is the monthly payment?
On a $320,000 loan at example rates, the 15-year runs about $500-$700 more per month than the 30-year — but saves roughly $200,000 in interest and pays off 15 years sooner.
What if I can't always afford the 15-year payment?
A 30-year mortgage with automatic extra principal gives you the option to pay down fast when cash is good and drop to the minimum when it isn't — flexible and nearly as effective.
Figures are editable example defaults for modeling, not quotes or advice. Financial, tax, and medical outcomes vary with your situation — verify with a qualified professional (CFP, CPA, tax advisor, or veterinarian).