15 vs 30 Year Mortgage Calculator

15 or 30 year mortgage? What’s the real difference? Which do you choose?


Mortgage Calculator: 15 vs. 30 Year

The main difference between a 15 year vs 30 year mortgage is whether you want to pay more upfront and save on overall costs, or have easier monthly payments for a longer time. If you are looking to purchase a new home with a mortgage, then you’re likely asking yourself this question. Input your target home price, down payment, and interest rate into Capital Banks’s 15-year vs. 30-year mortgage calculator to generate the amount you can expect to pay with both types of loans.

How To Use The 15 Vs 30 Year Mortgage Calculator

What you will need to use the 15 vs 30 year mortgage calculator. Make sure you know the following information to make the process as accurate and efficient as possible. This is a big decision, and the calculator will help you decide as long as all of the relevant information is present.

  1. Original Loan Amount.
  2. Appraised Value.
  3. Original Interest Rate.
  4. Term in Years.
  5. Years Remaining.
  6. Income Tax Rate.
  7. Amortization Type.

Once you have the above information, enter the numbers into the calculator, click calculate and your numbers will appear. Then, click View Report to print or save your numbers for your records.


  • Use Excel or Google Sheets to keep track of and compare numbers side-by-side.
  • Another option is to use a handwritten table, so have paper and pencil ready.


Glossary of terms

Desired mortgage amount

The amount a borrower agrees to repay, as set forth in the loan contract.

Start interest rates

The introductory interest rate, also known as the teaser rate or start rate, on an adjustable or floating-rate loan. It is usually lower than most other interest rates and often stays consistent within a specific time frame only.

Real estate taxes

Charged on immovable property, including land and structures that are permanently attached to the ground, such as a house or building. When you buy a home, you must pay real estate taxes, also known as property taxes, directly to your local tax assessor or indirectly as part of your monthly mortgage payment.

Monthly housing payment

A mortgage payment that includes PITI (principal, interest, taxes, insurance).

Maximum principle and interest

Calculated by subtracting your monthly taxes and insurance from your monthly PITI payment to calculate the maximum principle and interest (PI) payment to determine the mortgage amount that you could qualify for.

Monthly housing expenses

Monthly outlay that includes monthly mortgage payment plus additional costs like property taxes and homeowners insurance, as well as other potentially applicable costs like mortgage insurance, flood insurance, homeowners association or co-op fees, or special tax assessments.

Hazard insurance

Insurance coverage for the structure of a home.

The term in years

Mortgage terms aren’t limited to 30 and 15 years. Plenty of buyers prefer other options like 10-year, 20-year, 25-year, 40-year, and even five-year terms, based on their monthly income and budgetary goals.

Monthly liabilities

Amounts of money that you owe to another person or entity. Liabilities can be short-term like credit card payments or longer-term like car loans or mortgages.

Commonly Asked Questions

For most buyers, obtaining a mortgage and buying a home is the largest financial undertaking they will complete in their lifetime. Homes appreciate in value and are typically considered a sound investment for most applicants.

But committing to repay a large amount of money can be confusing. Let’s look at the most commonly asked questions that pop up during the process.

The 15 vs 30 year mortgage calculator is for new home buyers and homeowners who are considering refinancing their home.

  • Home Buyers. Use the calculator to decide which type of mortgage to buy. Getting the above information will likely require more research for you as you are starting from scratch.
  • Homeowners. You will want to use the Capital Bank 15 vs 30 mortgage calculator to decide whether to refinance, how to refinance, or whether to purchase another property.


The information provided by these calculators is for illustrative purposes only. Results do not reflect all loan programs and are subject to specific loan limits. Qualification, rates and payments will vary based on timing and individual circumstances. This is not a commitment to pre-approve or lend. Be sure to consult a financial professional prior to relying on the results. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.