15-Year vs 30-Year Fixed Loan Calculator
Compare fixed 15-year and 30-year amortization periods to determine the optimal repayment schedule for large fixed-rate loans.
Side-by-side comparison workspace
Modify inputs on either side to instantly compare computed values.
Scenario Comparison Highlights
Left: $179.77 • Right: $133.06
Left: $12,357.82 • Right: $27,901.78
15-Year Loan Term
Inputs
Results
Computed instantaneously in browser.
Calculation Breakdown
Visualization
Proportion of borrowed principal compared to cumulative interest finance charges.
30-Year Loan Term
Inputs
Results
Computed instantaneously in browser.
Calculation Breakdown
Visualization
Proportion of borrowed principal compared to cumulative interest finance charges.
Formula Transparency
Amortized Installment Loan Payment
Computes fixed equal payments over a specified timeframe to pay down principal and accrued interest to zero.
Variable Definitions & Glossary
Original amount of money borrowed.
Annual interest rate divided by 12.
Loan duration term in months.
Shortening a loan from 30 to 15 years doubles the rate of principal reduction and drastically lowers cumulative financing fees.
Frequently Asked Questions
How does amortization change between 15 and 30 year terms?
In a 15-year loan, a larger portion of each early monthly payment goes directly toward reducing principal, whereas in a 30-year loan, early payments are heavily weighted toward interest.