15-Year vs 30-Year Mortgage
by Anonymous
Choosing between a 15-year and 30-year mortgage involves balancing monthly payment size against total interest paid. A 15-year mortgage builds equity faster and saves tens of thousands in interest, but demands higher monthly payments. The 30-year option offers lower payments and more cash flow flexibility, making it the most popular choice among American homebuyers.
15-Year Fixed Mortgage
5.87% APR
average interest rate (apr 2026)
~$3,340
monthly payment ($400k loan)
~$201,000
total interest paid ($400k)
15 years
time to full equity
Higher earners, fast equity builders
best for
30-Year Fixed Mortgage
6.48% APR
average interest rate (apr 2026)
~$2,525
monthly payment ($400k loan)
~$509,000
total interest paid ($400k)
30 years
time to full equity
Cash flow flexibility, first-time buyers
best for
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