15 vs 30 Year Mortgage: Which Is Better?

A 15-year mortgage usually has a higher monthly payment but significantly less total interest. A 30-year mortgage gives lower monthly payment and more flexibility.

Use the Mortgage Calculator to compare both terms using the same home price and down payment.

When 15-Year May Fit

• Stable high cash flow
• Goal to reduce interest cost
• Faster equity build

When 30-Year May Fit

• Need lower mandatory monthly payment
• Prefer cash-flow flexibility
• Plan to prepay opportunistically