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15 vs 30-year mortgage: how much does a 15-year loan save?

Enter a loan amount and today's rates to compare a 15-year and a 30-year mortgage: the monthly payment, the interest you'd pay, and whether investing the difference could beat paying the house off early. On $334,000, the 15-year loan saves $301,842.

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15 vs 30-year mortgage calculator

What you'd borrow.

7.4% average, October 15, 2026.

6.71% average, October 15, 2026.

A year, if you invested the difference instead.

A 15-year loan saves

$301,842

in interest on $334,000, and the house is paid off 15 years sooner. The cost is $636 more a month: $2,948 instead of $2,313. After 15 years on the 30-year loan you would still owe $250,999.

15-year at 6.71%

Monthly payment
$2,948
Total interest
$196,675
Total paid
$530,675
Payments
180

30-year at 7.4%

Monthly payment
$2,313
Total interest
$498,517
Total paid
$832,517
Payments
360
What you still owe, year by year15-year30-year
Year-by-year table
After year15-year owes30-year owes
1$320,627$330,860
2$306,328$327,480
3$291,040$323,842
4$274,694$319,924
5$257,216$315,707
6$238,529$311,167
7$218,549$306,279
8$197,186$301,017
9$174,345$295,352
10$149,924$289,253
11$123,812$282,688
12$95,893$275,619
13$66,042$268,010
14$34,125$259,818
15$0$250,999
16$0$241,504
17$0$231,283
18$0$220,279
19$0$208,433
20$0$195,679
21$0$181,950
22$0$167,169
23$0$151,256
24$0$134,125
25$0$115,683
26$0$95,828
27$0$74,453
28$0$51,442
29$0$26,670
30$0$0

What if you took the 30-year loan and invested the difference?

Both plans spend $2,948 a month for 30 years. The 15-year borrower invests the whole payment once the house is paid off; the 30-year borrower invests the $636 difference from day one. At 6% a year, by year 30:

15-year plan invested
$845,872
30-year plan invested
$619,446
Ahead by
$226,426 (15-year)

Investing the difference only wins if it earns more than 8.99% a year after taxes and fees, every year, and you actually invest it.

Principal and interest on fixed-rate loans. Property tax, insurance and mortgage insurance are the same either way and left out. An educational estimate, not financial advice.

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15 vs 30 years on $334,000 at today's rates

Interest saved
$301,842
Extra a month
$636
15-year rate
6.71%
30-year rate
7.4%

Freddie Mac averages for the week of October 15, 2026, via FRED. $334,000 is 80% of the $417,500 median existing-home price (September 2026).

How much do you save with a 15-year mortgage?

On a $334,000 loan, a 15-year mortgage at 6.71% costs $196,675 in interest, against $498,517 for a 30-year loan at 7.4%: a saving of $301,842, and the house is paid off 15 years sooner. The two reasons are a lower rate and half as many years of interest.

Monthly principal and interest, and interest saved, at 6.71% (15-year) and 7.4% (30-year)
Loan30-year payment15-year paymentExtra a monthInterest saved
$200,000$1,385$1,765$381$180,744
$300,000$2,077$2,648$571$271,116
$400,000$2,770$3,531$761$361,488
$500,000$3,462$4,413$952$451,860
$750,000$5,193$6,620$1,427$677,790

How much higher is a 15-year mortgage payment?

About 27% higher at today's rates: $2,948 a month instead of $2,313 on $334,000, or $636 more. These payments cover principal and interest only; property tax, insurance and any mortgage insurance come on top of both.

Is a 15-year mortgage worth it?

If you can comfortably afford the higher payment and still save for retirement and emergencies, it saves a lot of interest and leaves you debt-free sooner. The case for the 30-year loan is flexibility and investing: if you took the 30-year loan and invested the $636 difference every month, you would need to earn more than about 9% a year after taxes to come out ahead by year 30, and keep doing it through downturns.

The 15-year loan also builds equity much faster: after 15 years on the 30-year loan you would still owe $250,999 of the original $334,000, because early payments go mostly to interest.

What are 15-year mortgage rates today?

Freddie Mac's average was 6.71% for a 15-year fixed mortgage and 7.4% for a 30-year in the week of October 15, 2026. 15-year rates usually run lower because lenders' money is tied up for less time. Your own rate depends on your credit, down payment and lender.

Can I pay off a 30-year mortgage in 15 years instead?

Nearly. Paying the 15-year payment of $2,948 on a $334,000 30-year loan at 7.4% clears it in about 16.3 years, with $241,174 of interest, more than the true 15-year loan because of the higher rate. In exchange you can drop back to the lower required payment in a tight month. Check that your lender applies extra payments to principal and charges no prepayment penalty.

How the calculator works

  • Each payment is the standard fixed-rate formula: the loan times r ÷ (1 − (1 + r)−n), where r is the yearly rate ÷ 12 and n the number of monthly payments.
  • Total interest is every payment added up, minus the amount borrowed. The balance chart shows what is still owed at the end of each year.
  • The investing comparison has both borrowers spend the 15-year payment every month for 30 years. The 15-year borrower invests the whole payment once the house is paid off; the 30-year borrower invests the difference from the start. Returns compound monthly, before any tax.

15 vs 30-year mortgage questions

Is this 15 vs 30-year mortgage calculator financial advice?

No. It is an educational comparison of principal and interest on fixed-rate loans. It leaves out taxes, insurance, closing costs, any mortgage interest deduction and the chance that you sell or refinance early. A lender or a HUD-approved housing counselor can help with your situation.