30-Year vs. 15-Year Mortgage: How to Choose the Right Term
Compare 30-year and 15-year mortgage payments, lifetime interest, and break-even math so you can lock the term that fits your cash flow.
Why this article matters
- A 15-year mortgage can save tens of thousands in interest, but the monthly payment may be 40% to 60% higher.
- Calculate an accelerated payoff scenario on a 30-year loan to see if voluntary extra principal fits better than a mandatory 15-year payment.
- Consider future milestones like childcare costs, career changes, or investment plans before locking in a shorter term.