15 vs 30 Year Mortgage Calculator

Not necessarily. A 15-year mortgage saves a large amount in interest, but the higher monthly payment leaves less cash for investing, emergencies, or other goals. If you can earn a higher return investing the payment difference than your mortgage rate, the 30-year can come out ahead on a net-worth basis.

Typically 40-50% higher for the same loan amount, depending on the rate differential. On a $300,000 loan at current market rates, the difference is often $500-$700 per month. That gap narrows if the 15-year rate is significantly lower than the 30-year rate.

Yes, through a refinance. You would apply for a new 15-year loan and use the proceeds to pay off your current mortgage. Whether it makes sense depends on the rate you can get, closing costs, and how many years remain on your current loan. A refinance break-even calculator can help evaluate the trade-off.

That is the typical historical spread, but it varies with market conditions. In some inverted-rate environments the difference can be smaller or larger. Always get real quotes for both terms before relying on this calculator.

Probably not. If you carry debt at 15-20% (credit cards), pay that off first. The interest saved by paying down an 18% card outweighs what you save by choosing 15 over 30 years on the mortgage.