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Fixed Rate Mortgage Calculator
Compare 15-year vs 30-year fixed-rate mortgage head to head.
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Frequently asked questions
Is a 15-year mortgage always better?
Financially yes, but only if you can afford the higher payment AND are still maxing retirement contributions. If you're not, a 30-year frees cash for higher-return investments.
Why is the 15-year rate lower?
Shorter loans are less risky to the lender — less time for rates to shift or the borrower's situation to change — so rates are typically 0.5–1% lower than 30-year.
Can I make 15-year-equivalent extra payments on a 30-year?
Yes. This flexibility is a 30-year advantage: obligation is low, you pay down faster voluntarily when you can.
What about 20-year fixed?
Available but less common. Rates are between 15 and 30. Good middle-ground for borrowers who want more payoff discipline than 30-year but a lower payment than 15-year.