15 vs 30 year Mortgage Calculator
X Year vs. Y Year Mortgage
Use our X-year vs. Y-year mortgage calculator to determine which mortgage is best for you.
In general, how long the mortgage term is, the higher is the interest rate, but also the long-term mortgage loan provides lower monthly payments.
For example, let's consider 15 years vs 30 years mortgages. A 15-year mortgage is designed to be paid off over 15 years. A 30-year mortgage is structured to be paid in full in 30 years. The interest rate is lower on a 15-year mortgage, and because the term is half as long, you’ll pay a lot less interest over the life of the loan. Of course, that means your monthly payment will be higher, too, than with a 30-year mortgage.