15 vs 30 Year Mortgage Calculator
Compare monthly payments, total interest, and total cost between a 15-year and 30-year mortgage side by side.
15-Year vs 30-Year Mortgage: Which Is Right in 2026?
The 15-year vs 30-year mortgage debate is one of the most common in personal finance. The 15-year saves a massive amount in interest — often $150,000-$200,000 on a $350,000 loan — but requires a 35-40% higher monthly payment. The 30-year preserves cash flow flexibility at the cost of much higher total interest.
In 2026, 15-year fixed rates average about 6.2% vs 6.8% for 30-year fixed. This rate gap makes the 15-year even more attractive on a pure interest-savings basis. However, at $350,000, the payment difference is approximately $500-$600/month — significant cash that could be invested, saved as an emergency fund, or used for other financial priorities.
The Investment Alternative
Some financial advisors argue that if you can reliably invest the extra $500-600/month at returns above your mortgage rate (6.2%), the 30-year produces better long-term wealth. At a 7-8% average stock market return, this math can work — but it requires discipline to actually invest rather than spend the difference, and it ignores the psychological value of debt freedom.