Compare a 15-year and a 30-year mortgage side by side. Switch the loan term between 15 and 30 years to see how a shorter term raises the monthly payment but slashes total interest paid over the life of the loan.
A 15-year loan has a higher monthly payment but a lower rate and far less total interest; a 30-year loan costs more overall but keeps payments low and cash flow flexible. Toggle the term here to compare both for your numbers.
On a typical loan a 15-year term can cut total interest by more than half versus a 30-year, because you borrow for half as long and usually at a lower rate. Switch the term button to see the difference on your loan.
Yes — a 30-year loan with consistent extra principal can approach a 15-year payoff while keeping the option to drop back to the lower required payment. Use the extra-payment calculator to model that middle path.