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15 vs. 30 year mortgage calculator

Use our free 15 vs. 30 year mortgage calculator to help determine the cost differences between taking out a 15 or 30 year mortgage.

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Should you choose a 15- or 30-year mortgage?

A 15-year mortgage can have higher payments than a 30-year mortgage, but can save you money in interest. Use our free calculator to estimate your payments and savings!

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This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of buying a home, speak with a loan advisor at Freedom Mortgage.

Based on the values you entered, a 15-year mortgage might save you an estimated $1225* over 7 years. The estimated monthly payment for a 15 year mortgage based on the values you entered is $*

Based on the values you entered, a 30-year mortgage might save you an estimated $0* over 7 years. The estimated monthly payment for a 30 year mortgage based on the values you entered is $*

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Let us help you decide whether a 15-year mortgage or 30-year mortgage is the right financial option for you. Fill out the form below and one of our licensed Loan Advisors will contact you.

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*This calculator is made available as a self-help tool for your personal use and the results are based on values you entered. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of buying a home, speak with a loan advisor at Freedom Mortgage.

A Loan Advisor from Freedom Mortgage will reach out to you to review your results and discuss the various home financing options that may be available to you.

By entering your mobile number and email address and clicking “Get Your Results” below, you consent to be contacted, including via automated technology, by Freedom Mortgage and any of its current or future affiliated companies (collectively “Freedom Mortgage”) at that mobile number and email address for marketing purposes. You affirm that you are the subscriber of the phone number(s) and email address or that the subscriber has authorized you to provide this consent. Your consent is not a condition of purchase of goods or services from Freedom Mortgage. You can revoke your consent at any time by contacting Freedom Mortgage at 855-690-5900.
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Based on the values you entered, a 15-year mortgage might save you an estimated $* in interest. The estimated monthly payment for a 15-year mortgage based on the values you entered is $*

Principle & Interest
$000.00
Taxes & Insurance
$000.00
PMI
$000.00

Based on the values you entered, A 30-year mortgage might save you an estimated $0* over 30 years. The estimated monthly payment for a 30-year mortgage based on the values you entered is $*

Principle & Interest
$000.00
Taxes & Insurance
$000.00
PMI
$000.00

Ask us what refinance rate we can offer you

The mortgage refinance rate we may be able to offer is personal to you. Your interest rate is affected by the type of refinance loan you want, your credit score, your income and finances, as well as the current mortgage market environment. Freedom Mortgage may be able to offer you a refinance rate that is lower - or higher - than the rate you see advertised by other lenders. Ask us today what refinance rate we can offer you.

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Talk to Freedom Mortgage about home financing today

About mortgage terms

When you are deciding how long a loan to take out when you buy or refinance a home, it’s important to understand the differences in the total cost and payments of the term you choose. A 15-year mortgage will typically have lower interest rates, but a higher monthly payment. A 15-year mortgage can save you quite a bit of money in interest over the life of the loan, but it could be harder for homeowners to afford it due to the higher monthly payment you will need to make. A 30-year term lets you pay less per month, but more interest over time. The decision depends on your budget and how long you plan on staying in the home. Alternatively, you can also get a 30-year term and pay extra each month or yearly to pay the loan down faster and save on the interest. Learn more about 15 versus 30-year mortgages.

Term is the number of years you have to pay back the loan. With a 30-year mortgage, you have 30 years to pay the loan off, which makes it more affordable by having a lower monthly payment. A 15-year mortgage will save on interest payments over time.

Your down payment is an important factor because the larger your down payment, the more house you may be able to afford. It’s often not necessary to make a 20% down payment when you buy a house. If you choose an FHA loan, you may be able to make a down payment as low as 3.5%.

If you choose a conventional loan, you can often make a down payment of less than 20%. However, you will be required to buy private mortgage insurance (PMI) with a down payment of less than 20%. The cost of PMI is added to your monthly bill and will increase your mortgage payment.

Your interest rate is the cost of borrowing money expressed as a percentage. Interest rates have a big impact on home affordability. When mortgage rates are higher, homebuyers can typically afford less expensive homes. When rates are lower, homebuyers can often afford more expensive homes. Basically, your money goes further in a low rate environment. Remember, by refinancing the total finance charges you pay may be higher over the life of the loan.

The cost of your property taxes and homeowners insurance are included in your monthly mortgage payment. Buying a home in a community with higher property taxes might affect the price of the home you can afford. Shopping for more affordable homeowners insurance might help you afford a higher priced home.

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