How much more is a 15-year mortgage payment vs 30-year?

On a $300,000 loan: 30-year at 6.8% = $1,957/month. 15-year at 6.2% = $2,575/month. The 15-year costs $618 more per month but saves approximately $158,000 in total interest.

What is the break-even point between 15 and 30 year mortgage?

The break-even is when equity built faster in the 15-year mortgage exceeds the opportunity cost of the higher monthly payment. If you invest the payment difference in the stock market (7-10% returns), the 30-year can sometimes win long-term — but this requires strict discipline.

15 vs 30 Year Mortgage Calculator 2026

🏡 Compare 15 vs 30 Year Mortgage

Loan Details

Home Price ($)

Down Payment ($)

Interest Rates

15-Year Rate (%)

2026 avg: 6.1–6.3%

30-Year Rate (%)

2026 avg: 6.7–7.0%

Additional Costs (Annual)

Property Tax / Year ($)

Home Insurance / Year ($)

📋 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

🔗 Related

🏡 Mortgage Calculator 🏠 Home Affordability 💳 Debt Payoff

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.

15-Year vs 30-Year Mortgage Calculator

15 vs 30 Year Mortgage — Comparison at Different Loan Amounts (2026)

Why the 15-Year Mortgage Saves So Much

Frequently Asked Questions

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