Compare 15-year and 30-year mortgages — monthly payment, total interest, and which is better for your situation.
Written by Renzo Johnson, Licensed MLO · NMLS #PENDING · Last updated: February 2026
- 30-year: lower monthly payment, more flexibility, higher total interest
- 15-year: higher monthly payment, build equity fast, much less total interest
- Rate difference: 15-year typically 0.5-0.75% lower than 30-year
- Example ($400K loan): 30-yr at 6.5% = $2,528/mo vs 15-yr at 5.75% = $3,321/mo
- Total interest: 30-yr = ~$510K vs 15-yr = ~$198K (save $312K!)
- Choose 30-year if: you want lower required payment, flexibility, or invest the difference
- Choose 15-year if: you can afford the higher payment and want to build equity/save interest fast
- Compromise: get a 30-year but make extra principal payments when you can