See how loan length changes your payment, and how much interest you pay over the life of the loan.
How this is calculated Embed on your siteA mortgage term comparison calculator shows side by side what a 15-, 20-, and 30-year loan would cost, both the monthly payment and the total interest over the life of the loan.
A shorter term trades a higher monthly payment for dramatically less interest and faster equity, a 15-year loan often costs more per month but can save well into six figures over its life. A 30-year keeps the required payment low and your budget flexible. The right choice depends on whether you value cash-flow room or total savings more.
You don't have to choose permanently. Taking a 30-year loan and voluntarily paying it like a 15- or 20-year captures much of the interest savings while leaving you free to drop back to the lower required payment in a tight month. The catch is discipline, the savings only materialize if you actually make the extra payments.
A 15-year loan has a higher payment but can save six figures in interest and builds equity faster. A 30-year keeps payments lower and more flexible. It depends on your budget and goals.
Often more than half the total interest, since you borrow for half as long at a similar rate. The comparison shows exact figures for your loan.
Yes, a 30-year loan with extra principal payments gives flexibility with much of the interest savings. See our extra-payments calculator.
See the exact formula and a worked example on our methodology page.