30 Year Vs 15 Year Loan
  Use this calculator to find out how much extra you will have to pay each month for a 15 year loan instead of a 30 year loan. Your monthly payment for a 15 year loan is not double that for a 30 year loan!

The results also show how much you will save in a 15 year loan because you end up paying much lesser interest over the life of the loan.

Remember loans are also available for 10 and 20 year terms.
The calculator below allows you to compare 30 year loan with 20, 15 and 10 year loans side by side.
Help
  
Save $$$

 
   
     
  Help
  Enter loan details and click on 'Calculate' to see the results and the analysis.

To start over, click on 'Clear All' button.

Loan 1 is fixed as the 30 year loan - dont try to change the term in loan 1! The term for loan 2 can be selected from the list box - you can select any one of 20, 15 or 10 year terms.
 
  Save $$$
  Remember that the interest rate for 15 year loan is slightly lower than the rate for 30 year loan. 

While the monthly payment for 15 year term is higher than that for 30 year, the interest you pay over the life of the loan is much lower with the 15 year loan.

Remember this is a simplistic calculation for the sole purpose of demonstrating how a 15 year loan may save you a lot of money. A more advanced analysis needs to include such factors as your current return on investment, your tax bracket etc. which are ignored for simplicity.

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