What’s the difference between a 15-year and a 30-year mortgage?

A 15-year mortgage has higher monthly payments but significantly less interest over the life of the loan. A 30-year mortgage has lower monthly payments but higher total interest costs.

How much interest can I save with a 15-year mortgage?

You can save tens of thousands of dollars by choosing a 15-year mortgage because you pay interest for a shorter period. The calculator shows your exact interest savings based on your loan details.

Is a 15-year mortgage harder to qualify for?

Because monthly payments are higher, lenders may require stronger income or lower debt levels to qualify. A 30-year loan may be easier to qualify for due to lower payments.

Which mortgage term is better for long-term savings?

A 15-year mortgage offers better long-term savings because of lower interest rates and a shorter payoff timeline. The calculator compares both loan terms to show which saves more over time.

Do 15-year mortgages always come with lower interest rates?

Most lenders offer lower rates on 15-year mortgages because they are less risky, but rates vary by market conditions and your credit profile. The calculator allows comparison using different rates.

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