15-Year vs 30-Year Fixed Mortgage: 2026 Calculator & Comparison
Quick Answer
A 15-year mortgage has a higher monthly payment but typically carries a 0.5%–0.75% lower interest rate and saves tens of thousands in total interest. A 30-year mortgage has a lower monthly payment — giving you more monthly cash flow — but you pay roughly 2–3x more in total interest over the life of the loan. For a $400,000 loan at typical 2026 rates, the 15-year saves approximately $150,000 in interest.The 15-year vs 30-year mortgage choice is one of the most consequential financial decisions a homebuyer makes. As of 2026, the average 30-year fixed rate is approximately 6.8% and the 15-year rate is around 6.1% — a meaningful 0.7% spread. On a $400,000 loan, the monthly payment difference is roughly $900/month ($2,800 vs $1,900). The 15-year builds equity faster and costs far less over time, but the higher payment reduces cash flow. The 30-year preserves flexibility — you can always pay extra on a 30-year loan, but you cannot lower your required payment on a 15-year if cash gets tight.
15-Year Fixed vs 30-Year Fixed: Side-by-Side
| Feature | 15-Year Fixed | 30-Year Fixed |
|---|---|---|
| Typical 2026 rate | ~6.1% | ~6.8% |
| Monthly payment ($400K loan) | ~$3,400/mo | ~$2,600/mo |
| Total interest paid | ~$211,000 | ~$535,000 |
| Interest savings vs 30-yr | Saves ~$324,000 | Baseline |
| Equity build rate | Fast — 50% equity by year 7–8 | Slow — 50% equity by year 20–21 |
| Monthly flexibility | Lower — higher fixed payment | Higher — lower required payment |
| Total payments made | 180 payments | 360 payments |
| Best for | Refinancers; those near peak income | First-time buyers; those valuing cash flow |
Typical 2026 rate
15-Year Fixed
~6.1%
30-Year Fixed
~6.8%
Monthly payment ($400K loan)
15-Year Fixed
~$3,400/mo
30-Year Fixed
~$2,600/mo
Total interest paid
15-Year Fixed
~$211,000
30-Year Fixed
~$535,000
Interest savings vs 30-yr
15-Year Fixed
Saves ~$324,000
30-Year Fixed
Baseline
Equity build rate
15-Year Fixed
Fast — 50% equity by year 7–8
30-Year Fixed
Slow — 50% equity by year 20–21
Monthly flexibility
15-Year Fixed
Lower — higher fixed payment
30-Year Fixed
Higher — lower required payment
Total payments made
15-Year Fixed
180 payments
30-Year Fixed
360 payments
Best for
15-Year Fixed
Refinancers; those near peak income
30-Year Fixed
First-time buyers; those valuing cash flow
Which Should You Choose?
Choose the 15-year mortgage if you can comfortably afford the higher payment and prioritize paying off your home quickly, saving a massive amount in interest. It is ideal for those refinancing later in their career when income is stable and high. Choose the 30-year if the lower monthly payment is critical to your budget, you want to invest the difference in the market, or you are purchasing near your affordability limit. A popular middle-ground: take the 30-year but make extra principal payments when possible — you get the flexibility of a lower required payment with the ability to pay off early.
Run the Numbers
Frequently Asked Questions
How much more expensive is a 15-year mortgage per month?+
Can I pay off a 30-year mortgage in 15 years by making extra payments?+
Which mortgage gets a lower interest rate?+
Is a 15-year mortgage better for refinancing?+
What if I invest the payment difference instead of taking the 15-year?+
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