15-year mortgage or 30-year mortgage? Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content

15-Year Or 30-Year Fixed Mortgage Calculator

15-year vs 30-year mortgage

There are pros and cons to both 15- and 30-year mortgages. A 15-year mortgage will save you money in the long run because interest payments are drastically reduced since you're paying only 15 years' worth of interest versus 30 years. The second major benefit is that 15-year mortgages often carry lower interest rates. However, a 15-year mortgage comes with larger minimum monthly payments, which can mean less cash flow. The advantage for homebuyers with 30-year mortgages is that they have the option to pay more than the minimum required monthly payment. This means they can pay off their mortgage in 15 years, but they're not required to do so. So if you can't afford the extra amount one month, you won't risk a ding on your credit report. You can compare interest rates on both types of home loans by inputting rates and terms into Bankrate's 15-year mortgage calculator as well as the 30-year mortgage calculator. Use this information to find out how much your monthly payments will be for each mortgage type. This is a great way to see what you can afford, how much you can save and which product is right for your budget. A 15-year mortgage is good for people who… Can easily make the monthly payments and have cash left over to save Want to reduce the amount of interest they pay over the life of their loan Want a lower interest rate Are nearing the end of their working years and want to pay off their mortgage before they retire. A 30-year mortgage is good for people who… Want lower monthly payments Want the flexibility of paying more than the minimum payment, but are not required to do so Earn money through freelance or contract work but might have differing levels of income each month or year Want to use the extra cash for savings or investments