15-year vs 30-year mortgage
A shorter loan saves enormous interest. A longer loan saves cash flow. The right choice depends on how much room you actually want each month.
4 min readReviewed Apr 1, 2026
Quick answer
A 15-year mortgage usually has a lower rate and dramatically less total interest. A 30-year mortgage has a smaller monthly payment and more flexibility.
Side by side
15-year
- Lower interest rate, often 0.5–0.75% lower than the 30-year equivalent.
- Higher monthly payment.
- Far less interest paid over the life of the loan.
- Builds equity faster.
30-year
- Higher rate.
- Lower monthly payment — easier to qualify for and live with.
- More total interest paid.
- More flexibility to invest the difference elsewhere.