15-Year vs 30-Year Mortgage Calculator

15-year vs 30-year Mortgage

The 15-year and 30-year fixed-rate mortgages are the two most popular fixed-rate mortgages. While there are pros and cons to choosing each type of mortgage, it really comes down to your financial situation and long-term goals.

A 15-year fixed-rate mortgage allows you to pay off the loan in half the time will cost you less interest over the course of the loan, but in the short-term requires higher monthly mortgage payments. On the other hand, a 30-year fixed-rate mortgage can be a great option with lower monthly mortgage payments, but there will be more interest over that length of time. Additional details…

30 Year Mortgage


15 Year Mortgage

Monthly Payment Estimate

Monthly Payment Estimate

Payment breakdown

Principle & Interest

Property Taxes

Homeowners Insurance

Mortgage Insurance

This calculator provides a broad look at your monthly mortgage payments. To get a personalized quote from an On Q Mortgage Consultant, call 1-866-667-3279.

Reasons You May Want a 30-Year Mortgage

Everyone’s financial situation is unique and needs to be taken into account, but if you are interested in a lower monthly mortgage payment, a 30-year mortgage could be the best option for you. Having a 30-year mortgage payment allows you to have more cash flow each month to dedicate to other finances and obligations. For example, if you want to grow your emergency savings fund, if you invest, or if you’re heavily contributing to your retirement, you can keep your money focused on those goals.

A 30-year mortgage could allow you to buy “more house” than you would with a 15-year mortgage because the cost of the mortgage is spread out over a longer period of time. If your family is expanding or you want to purchase your “forever” home, a 30-year mortgage allows your dollar to go a bit farther in the short term.

Reasons You May Want a 15-Year Mortgage

If you’re not worried about the monthly mortgage payment or one of your main concerns is the long term cost of your future home, a 15-year mortgage could be a good fit for you. If you are willing to dedicate a higher monthly mortgage payment, the benefit is a fully paid off home in essentially half the time. If you have your ducks in a row when it comes to an emergency fund and have room to prioritize the home mortgage payment, then go for it!

Consider the size of the home that you want for the long term, because larger homes usually come with a higher monthly mortgage payment in either fixed mortgage case. If you’ve found a home you will love for the long-term that fits within your mortgage budget, then a 15-year mortgage could be a great fit.

Many factors can determine which term is best for your needs, such as how long you plan to live in your home, current interest rates, and credit qualifications. It’s always a good idea to consult a financial advisor before making one of the largest purchases of your life!

About The Calculator

This calculator was made to provide a quick estimate on your monthly mortgage payments using your particular scenario.

To help you use the calculator more effectively, we’ve explained each input and output of the calculator below:

Home Price

This refers to the purchase price (or expected purchase price) of the home you are planning to buy.

Down Payment

The down payment is the amount of money you give towards your mortgage upon closing on the home. The rest of the payment on your home comes from your mortgage. Down payments are expressed as percentages. A down payment of at least 20 percent lets you avoid mortgage insurance. There are a variety of down payment requirements lower than 20% for qualified home buyers as well as several down payment assistance programs.

Mortgage Term

The mortgage term refers to the length of time you want to be making payments on your mortgage. A longer term means smaller monthly payments, but more interest paid over time.

Annual Property Tax

Annual Property Tax refers to the percentage of tax you pay based on the price or value of your home. Property taxes above are estimated to be 1.5% of the home’s value. The average property tax rate varies from state to state and county to county. If you don’t know what your property tax percentage is, contact your On Q Financial mortgage consultant today at 866-667-3279.

Annual Homeowner Insurance

Annual homeowners insurance refers to the premium you may pay to insure your home. In some cases, homeowners insurance is not required. The cost of homeowners insurance varies greatly by location.Annual homeowners insurance is roughly .35% of the home’s value but can change based on insurer. Contact your On Q Financial mortgage consultant today to help you determine insurance rates in your area by calling 866-667-3279

Monthly Payments

The monthly payments shown are a total expected monthly payment based on your mortgage information. It includes paying down the principal amount you’ve borrowed, the interest on that borrowed amount and an estimate of what you might be expected to pay for other mandatory house related expenses including:


Property taxes


Homeowners insurance


And mortgage insurance