30-Year vs 15-Year Mortgage Comparison
Choosing between a 30-year and 15-year mortgage is one of the most important decisions when buying a home. Each has distinct advantages and trade-offs.
Side-by-Side Comparison: $300,000 Loan
| Feature | 30-Year at 6.75% | 15-Year at 6.00% |
|---|---|---|
| Monthly P&I | $1,946 | $2,532 |
| Total Interest Paid | $400,428 | $155,683 |
| Total Cost | $700,428 | $455,683 |
When to Choose 30 Years
Lower monthly payments provide more flexibility for savings, investments, or emergency funds. Good for first-time buyers or those prioritizing cash flow.
When to Choose 15 Years
Lower interest rates, dramatically less total interest paid, and faster equity building. Best for those who can comfortably afford the higher payment.