15- vs 30-year mortgage: which is better?
By Colson · Updated June 14, 2026
Choosing a mortgage term is really a choice between a lower monthly payment and a lower total cost. A 15-year loan and a 30-year loan on the same house can differ by hundreds of dollars a month and well over a hundred thousand in interest. Here's how to decide.
What's the difference between a 15- and 30-year mortgage?
A 15-year mortgage pays off in half the time, usually at a lower interest rate, so you pay dramatically less total interest — but the monthly payment is significantly higher because you're repaying principal twice as fast. A 30-year spreads payments out, keeping them low but costing far more interest over the life of the loan.
On a $320,000 loan, the 15-year option can save well over $150,000 in interest versus the 30-year — at the cost of a much larger monthly payment.
Who should choose a 15-year mortgage?
A 15-year loan suits buyers with stable, comfortable income who want to own outright sooner and minimize interest. If you can afford the higher payment without straining your budget or sacrificing retirement savings, the interest savings are substantial.
It also builds equity faster, which can matter if you plan to borrow against the home or sell.
Who should choose a 30-year mortgage?
A 30-year loan suits buyers who value lower, more flexible payments — to keep cash free for savings, investing or simply breathing room. You can always pay extra toward principal to mimic a shorter term without being locked into the higher required payment.
For many first-time buyers, the 30-year keeps the monthly payment within the 28/36 affordability guideline.
Can I get the best of both?
Yes — take the 30-year for the low required payment, then add extra principal payments when you can. You keep the flexibility to drop back to the minimum in a tight month, while cutting interest and the payoff timeline like a shorter loan.
Use the mortgage calculator to compare the 15- and 30-year payments on your price, then the loan calculator to see how extra payments shorten a 30-year loan.
Run the numbers
Frequently asked questions
Is a 15-year mortgage worth it?
If you can comfortably afford the higher payment, yes — the interest savings are large and you own the home in half the time. If the payment would strain your budget or crowd out retirement saving, a 30-year with extra payments is the safer path.
How much more is a 15-year mortgage per month?
Typically 40–50% higher than the 30-year payment on the same loan, even though the rate is usually lower. Compare both on your exact price in the mortgage calculator.
Educational information, not financial advice. Fynliko is not a lender, bank or licensed financial advisor. Verify any figure with your lender before acting.