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15-year or 30-year?

15-year or 30-year?

The monthly difference, and how much interest you may keep over the life of the loan.

This sketch

15-year P&I
$2,989
30-year P&I
$2,275
Extra each month for 15-year
$714
Total interest, 15-year
$178,106
Total interest, 30-year
$459,160
Interest you may keep
$281,054

What this sketch assumes

  • P&I only, fully amortized, no extra principal. 15-year rates are often lower than 30-year — enter both.
  • Total interest assumes you keep each loan to the last payment. Selling or refinancing early changes the gap.

Estimates only — not a lock or a Loan Estimate. This site does not pull credit. Disclosures

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