CalVerse.co — 15 vs 30 Year Mortgage Calculator
Calculated on
🏡 Compare 15 vs 30 Year Mortgage
Loan Details
$
$
Interest Rates
2026 avg: 6.1–6.3%
2026 avg: 6.7–7.0%
Additional Costs (Annual)
$
$
📋 Live Summary
15yr payment—
30yr payment—
Extra/month (15yr)—
Interest saved—
Loan amount—
📊 2026 Rate Guide
15yr fixed avg6.1–6.3%
30yr fixed avg6.8–7.0%
Rate spread~0.5–0.75%
15yr ($300K)~$2,575/mo
30yr ($300K)~$1,957/mo
💡 Which to Choose?
✅ 15-year if payment is <28% of gross income
✅ 30-year if you need cash flow flexibility
💡 30yr + investing the difference can sometimes match 15yr if you stay disciplined
15 vs 30 Year Mortgage — Comparison at Different Loan Amounts (2026)
| Loan Amount | 15yr Monthly (6.2%) | 30yr Monthly (6.8%) | Interest Saved |
|---|---|---|---|
| $200,000 | $1,717/mo | $1,305/mo | ~$160K |
| $300,000 | $2,575/mo | $1,957/mo | ~$241K |
| $400,000 | $3,433/mo | $2,610/mo | ~$321K |
| $500,000 | $4,291/mo | $3,262/mo | ~$401K |
| $600,000 | $5,150/mo | $3,914/mo | ~$481K |
Why the 15-Year Mortgage Saves So Much
Two factors stack up: (1) a lower interest rate — 15-year mortgages typically carry rates 0.5–0.75% lower than 30-year loans, and (2) half the repayment period — you pay interest for only 15 years instead of 30. Together these mean you pay roughly 40% of the total interest of a 30-year mortgage. On a $400K loan, the 15-year saves over $321,000 in interest alone.
Last updated: June 2026. Rates are averages for illustrative purposes — actual rates vary by lender, credit score, and loan type.
Frequently Asked Questions
Should I get a 15-year or 30-year mortgage?+
Choose 15-year if you can afford the higher monthly payment — you'll save tens of thousands in interest and own your home in half the time. Choose 30-year if you need lower monthly payments for cash flow or have variable income. On a $300K loan at current rates, the 15-year saves approximately $241,000 in total interest.
What is the interest rate difference between 15 and 30 year mortgages?+
15-year mortgage rates are typically 0.5%–0.75% lower than 30-year rates. In 2026, average 30-year fixed rates are around 6.8–7.0% while 15-year fixed rates average 6.1–6.3%. This rate difference combined with fewer payment years creates massive interest savings.
Is it worth paying extra on a 30-year mortgage?+
Yes — making extra payments on a 30-year mortgage saves significant interest and reduces your loan term. An extra $500/month on a $300K 30-year loan at 6.8% saves approximately $90,000 in interest and pays off the loan 8 years early. However, you miss the lower 15-year rate, leaving some savings on the table.
What is the "invest the difference" strategy?+
Take a 30-year mortgage and invest the monthly payment difference in the stock market. If the market returns 8% annually and you invest $618/month for 15 years, you'd have roughly $214,000 — close to the $241K interest saving from a 15-year. The catch: most people don't actually invest the difference consistently every month for 15 years.
What is the break-even between 15 and 30 year mortgages?+
The break-even is when equity built faster in the 15-year mortgage exceeds the opportunity cost of the higher monthly payment. If you genuinely invest the payment difference at 7–10% stock market returns, the 30-year can sometimes win over 30 years — but this requires strict discipline that few maintain. The 15-year forces the discipline for you.
Start Investing with Zerodha — India's #1 Broker
Open a free demat account · ₹20 flat fee per trade · No AMC charges