15 vs 30 years
A 15-year mortgage has higher monthly payments but far less total interest. Enter both terms to see the trade-off for your numbers.
Mortgage Calculator
Estimate your monthly mortgage payment with taxes, insurance and HOA fees.
- 100% free
- Taxes and insurance
- 15, 20 or 30 years
Estimated monthly payment
$2,480.95
Principal & interest $2,022.62
- Loan amount
- $320,000.00
- 80.0% of the price
- Down payment
- $80,000.00
- Total interest
- $408,142.36
- over 30 years
- Taxes, insurance & HOA
- $458.33
- per month
An estimate for a fixed-rate loan. It doesn't include mortgage insurance (PMI), closing costs or rate changes; your lender's Loan Estimate has the real numbers.
Last reviewed by the OnlineToolPro team
What is the Mortgage Calculator?
Estimates the monthly cost of a home: the loan payment itself (principal and interest) plus property tax, home insurance and HOA fees. It also shows the loan amount, total interest over the term and a yearly breakdown.
How it works
How to use the Mortgage Calculator
3 simple steps. No experience needed.
What can you use it for?
- See what price range fits your budget.
- Compare a 15-year and 30-year mortgage.
- Check how a bigger down payment changes the payment.
Good to know
FAQ
Frequently asked questions
What does the monthly payment include?
Principal and interest, plus the yearly property tax and insurance divided by 12 and any monthly HOA fee you enter. It doesn't include mortgage insurance (PMI) or closing costs.
How much should I put down?
Many lenders accept less, but a 20% down payment usually avoids private mortgage insurance and lowers the monthly payment.
Related guides
Step-by-step help for getting more out of the mortgage calculator.
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The 28/36 Rule: How Much House You Can Really Afford
The 28/36 rule lenders use to size your mortgage, with a worked example, how other debts shrink your budget, and how UK and Australian lenders differ.
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- Finance Calculators
Comparison
15 vs 30-Year Mortgage: Which One Actually Saves You More?
A 15-year mortgage saves a fortune in interest; a 30-year one gives breathing room. The real numbers, and a third option most comparisons miss.
· 6 min readRead
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