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Loan Term Comparison Calculator
Compare two loan terms side by side - for example, a 30-year fixed vs. a 15-year fixed - to see the difference in monthly payment and total interest paid over the life of the loan.
Good to know: shorter loan terms typically come with a lower interest rate than longer terms - for example, a 15-year fixed rate is usually lower than a 30-year fixed rate. Be sure to enter the actual rate for each term below, rather than comparing the same rate across both.
Option A
Option B
30-Year Monthly Payment (P&I)
$2,076
Total interest paid$427,185
15-Year Monthly Payment (P&I)
$2,700
Total interest paid$166,062
The Bottom Line
The 15-year option costs $625 more per month, but saves $261,123 in total interest over the life of the loan compared to the 30-year option.
Not sure which term is right for your budget?
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