United States · USD · Core Mortgage Tools

Mortgage Term Comparison

Published by REO Technologies · Publisher contact: Abdul Raheem. Explanation and example arithmetic revised 2026-10-26; source-specific dates are stated separately. No licensed financial review is claimed.

Compare 10-, 15-, 20- and 30-year payments on the same loan and interest rate.

Enter current figures from your documents and quotes. Budget settings are editable. Inputs stay in this tab and are not saved or sent by the calculator.

Published mortgage reference: Freddie Mac PMMS, 2026-10-22 — 30-year 7.32%, 15-year 6.68%. These are dated conventional national averages, not your lender’s quote. Enter the applicable offered rate below.

Your inputs

How this estimate works

Compute the amortizing payment independently for each term at the entered rate. Total interest = monthly P&I × months − loan.

Assumptions and limits

The same rate is used for every term so the effect of term length is clear. Actual lender rates often vary by term.
Property tax, insurance, fees, investment opportunity cost and future refinancing are excluded.

References and further reading

Worked United States example: Mortgage Term Comparison

This is a hypothetical arithmetic example in USD, not a current lender quote, market observation or borrower record. The same calculator model produces the figures below. Its input assumptions are shown so that you can reproduce or change the scenario.

Assumed input	Illustration value
Home price ($)	420,000
Down payment (%)	20
Annual interest rate (%)	6.82

Calculated measure	Result
Loan amount	$336,000.00
30-year to 15-year payment increase	$791.40
Interest saved with 15 years	$252,637.62

Amounts use unrounded intermediate arithmetic and are rounded only for display. Selecting different costs, rates, payment dates or terms changes the result; no illustration value is prefilled into your personal financial fields.