Key Differences Between 30-Year and 15-Year Mortgages
Choosing the right mortgage term affects your monthly payments, interest costs, and long-term financial flexibility. Here's how a 30-year vs. 15-year loan compares:
| Loan Term | Monthly Payment | Interest Rate | Total Interest Paid |
|---|---|---|---|
| 30-Year Mortgage | $1,610 | 6.5% | $279,767 |
| 15-Year Mortgage | $2,609 | 5.8% | $112,636 |
Using a Mortgage Calculator
To compare costs more accurately, try our Mortgage Calculator and see how different loan terms impact payments.
“A 15-year mortgage saves money, but a 30-year offers flexibility. Choose the best fit for your budget.”
— Sarah Thompson, Mortgage Advisor