Mortgage Comparison Calculator

Mortgage Comparison

Determining which mortgage term is right for you can be a challenge. With a shorter 15-year mortgage, you will pay significantly less interest than a 30-year mortgage – but only if you can afford the higher monthly payment. Use this calculator for a comparison of a 15- vs. 30-year mortgage.

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

15 vs. 30-Year Mortgage

Determining which mortgage term is right for you can be a challenge. With a shorter 15-year mortgage, you will pay significantly less interest than a 30-year mortgage - but only if you can afford the higher monthly payment. Use this calculator for a comparison of a 15- vs. 30-year mortgage.

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By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.

15-year term saves you $314,749.38, but is $698.65 more per month

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Mortgage Inputs

Mortgage amount:*This entry is required.Enter an amount between $0 and $250,000,000

Your marginal tax rate:*This entry is required.Enter an amount between 0% and 60%

Interest rate for 15 years:*This entry is required.Enter an amount between 0% and 50%

Interest rate for 30 years:*This entry is required.Enter an amount between 0% and 50%

15-year monthly payment:

$3,145.90

30-year monthly payment:

$2,447.25

Monthly Payments Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Monthly Payments

Principal Balance by Year Line Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Principal Balance by Year

Definitions

Mortgage amount

Original balance of your mortgage.

Interest rate

Annual interest rate for your mortgage. Interest rates are generally lower for shorter-term mortgages. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.

Marginal tax rate

This is your combined state and federal tax rate. This is used to calculate possible income tax savings by deducting your mortgage interest. Please consult with a tax professional regarding mortgage interest deductions and your specific situation. Use the ‘Filing Status and Federal Income Tax Rates on Taxable Income’ table to assist you in estimating your federal tax rate.

Filing Status and Federal Income Tax Rates on Taxable Income for 2023^*
Tax Rate	Married Filing Jointly or Qualified Widow(er)	Single	Head of Household	Married Filing Separately
10%	$0 - $22,000	$0 - $11,000	$0 - $15,700	$0 - $11,000
12%	$22,000 - $89,450	$11,000 - $44,725	$15,700 - $59,850	$11,000 - $44,725
22%	$89,450 - $190,750	$44,725 - $95,375	$59,850 - $95,350	$44,725 - $95,375
24%	$190,750 - $364,200	$95,375 - $182,100	$95,350 - $182,100	$95,375 - $182,100
32%	$364,200 - $462,500	$182,100 - $231,250	$182,100 - $231,250	$182,100 - $231,250
35%	$462,500 - $693,750	$231,250 - $578,125	$231,250 - $578,125	$231,250 - $346,875
37%	Over $693,750	Over $578,125	Over $578,125	Over $346,875
^*Caution: Do not use these tax rate schedules to figure 2022 taxes. Use only to figure 2023 estimates. Source: Rev. Proc. 2022-45

Monthly payment

Monthly principal and interest payment (PI). Both 30-year fixed and 15-year fixed mortgages are shown.

Total payments

Total of all monthly payments made over the full term of the mortgage. Both 30-year fixed and 15-year fixed mortgages are shown.

Total interest

Total of all interest paid over the full term of the mortgage. Both 30-year fixed and 15-year fixed mortgages are shown.

Mortgage Comparison Calculator