15-Year vs 30-Year Mortgage — Which Saves More?
A shorter mortgage term means higher monthly payments but massive interest savings.
$300,000 Mortgage at 6.5% Interest
| Feature | 15-Year | 30-Year |
|---|---|---|
| Monthly Payment | $2,613 | $1,896 |
| Total Interest Paid | $170,389 | $382,633 |
| Total Cost | $470,389 | $682,633 |
The 15-year saves $212,244 in interest! Monthly payment is $717 higher, but you own your home in half the time.
Who Should Choose 15-Year?
Choose 15-year if your housing payment stays under 25% of gross income and you have a solid emergency fund. Choose 30-year if you need lower payments or want to invest the difference.
Calculate both: Mortgage Calculator