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15 vs. 30-Year Mortgage
See the true cost difference between a 15-year and 30-year mortgage, monthly payment, total interest, and what you'd save.
Loan Details
15-Year @ 6%
$3,375/mo
Principal & Interest only
Total Paid
$607,577
Total Interest
$207,577
Payoff Date
October 2041
30-Year @ 6.7%
$2,581/mo
Principal & Interest only
Total Paid
$929,200
Total Interest
$529,200
Payoff Date
October 2056
Interest Savings (15-Year vs 30-Year)
You Save
$321,623
in total interest with 15-year
The 15-year mortgage costs $794 more per month, but you own your home 15 years sooner and pay $321,623 less in interest.
Find Your Best Rate
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Compare 15 and 30-year quotes from trusted South Florida lenders.
Which Should You Choose?
Choose 15-Year if...
You can comfortably handle the higher payment, want to build equity fast, and are focused on minimizing total interest.
Choose 30-Year if...
You want lower required payments, need cash flow flexibility, or plan to invest the payment difference in higher-yield assets.
15-Year rates are lower
Lenders typically offer 15-year rates 0.5% to 0.75% below 30-year rates, amplifying your interest savings.
How the 15 vs. 30-year comparison works
This tool amortizes the same loan amount on two terms and lines up the results. Each monthly payment uses M = P[r(1+r)^n] / [(1+r)^n-1], where P is the loan, r is the monthly rate (annual rate divided by 12), and n is the number of payments. It then multiplies payment by n, subtracts P, and returns total interest plus each payoff date.
Take a $400,000 loan. At 6.75% over 30 years the payment is about $2,594 and total interest runs near $534,000. At 6.00% over 15 years the payment rises to roughly $3,375, but total interest drops to about $208,000. You pay around $781 more each month to save close to $326,000 in interest and own the home 15 years sooner.
For South Florida buyers, the higher 15-year payment competes with real fixed costs here: property insurance, flood coverage, and HOA or condo dues that a lender still counts toward your ratios. Run both terms against those carrying costs before committing. Many buyers pick the 30-year for payment flexibility, then pay it down early, which the payoff tools on this site model.