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15-Year vs. 30-Year Mortgage Calculator

Finding the Right Mortgage, Mortgages
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Not sure which lender is right for you?

Compare some of the best mortgage lenders.

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at Quicken Loans

Min. credit score

620

Min. down payment

3%

Why we like it

Ideal choice for convenience and quick-response customer service. Quicken Loans provides just about all the services your neighborhood lender does — with online convenience.

 

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at New American

Min. credit score

620

Min. down payment

3%

Why we like it

Ideal for borrowers who need to be evaluated on the basis of nontraditional credit. New American Funding offers FHA and VA loans, works with down payment assistance programs, and seeks borrowers whose credit histories don't fit the mold of traditional banking.

 

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at Rocket Mortgage

Min. credit score

620

Min. down payment

3%

Why we like it

Ideal for anyone who appreciates smartphone app service, support and time savings. A fully digital home loan experience with a large variety of mortgage products.

 

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at Vylla

Min. credit score

620

Min. down payment

3%

Why we like it

Ideal for first-time home buyers or credit-challenged borrowers who may have trouble qualifying for a mortgage.

 

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at loanDepot

Min. credit score

620

Min. down payment

3.5%

Why we like it

Ideal for borrowers looking to get a mortgage with help from a loan officer. Digital back-office operations are said to add efficiency to the loan process.

When to consider a 15-year fixed-rate mortgage

The main draws of 15-year fixed-rate loans are their lower interest rates and the fact that they’ll be paid off more quickly. Like any fixed-rate loan, they also offer stability; the monthly payment won’t change no matter what happens to inflation or market interest rates.

But the monthly payment will be much higher than that of a 30-year loan for the same property due to the shorter term, and that will make it harder to qualify for the loan.

» MORE: Pros and cons of 15-year mortgages

When to consider a 30-year fixed-rate mortgage

You can likely claim a sizable tax deduction based on interest payments for your 30-year loan, especially in the early years, when most of your payments go toward interest. And because it’s a fixed-rate loan, you’ll pay the same amount every month.
However, if you don’t plan to stay put for several years, or if you want a lower rate, a 15-year fixed-rate mortgage or an adjustable-rate mortgage might be a better option.

» MORE: Pros and cons of 30-year mortgages

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