30-Year vs 15-Year Mortgage: Which Is Better?
2025-01-15 • Calcely
Choosing between a 30-year and a 15-year mortgage is one of the most important decisions when buying a home. The tradeoff is lower monthly payments (30-year) vs. much lower total interest paid (15-year).
Quick comparison
| Feature | 30-Year | 15-Year |
|---|---|---|
| Monthly payment | Lower | Higher |
| Total interest | Higher | Much lower |
| Interest rate | Usually higher | Usually lower |
Who should choose 15-year?
- You want to pay off your mortgage faster.
- You can comfortably afford higher monthly payments.
Run both scenarios in our calculator to see exact numbers for your situation.