15-Year vs 30-Year Mortgage: Which Should You Choose?

15-year vs 30-year mortgage: which is better?

A 15-year mortgage carries a higher monthly payment but a lower interest rate and dramatically less total interest. A 30-year mortgage keeps payments low and flexible but costs far more over the life of the loan. The right choice depends on whether you value lower payments now or a cheaper, faster payoff.

Compare both terms instantly in the mortgage calculator.

The trade-off in numbers

On a $300,000 loan, a 15-year term might cost several hundred dollars more per month than a 30-year — but save well over $100,000 in interest. You're effectively choosing between monthly cash flow and lifetime cost.

A middle path: 30-year with extra payments

If you want the lower required payment for safety but the interest savings of a shorter loan, take a 30-year mortgage and pay extra principal when you can. The extra payment calculator shows how close that gets you to a 15-year payoff while keeping flexibility.

Which should you choose?

• Choose 15-year if the higher payment fits comfortably and you want to minimize interest.
• Choose 30-year if you value lower payments, flexibility, or want to invest the difference.