Monthly payment difference, total interest over the loan life, and which term suits your income, goals, and timeline. A $300k loan comparison at 2026 rates.
The 15-year mortgage is a straightforward deal: a higher monthly payment in exchange for dramatically less total interest. Because you repay the loan in half the time, the bank charges interest for far fewer years, and because 15-year rates are usually about 0.5% lower than 30-year rates, the savings stack even higher.
On a $300,000 loan at 6.5% (30-year) vs 6.0% (15-year), the difference is stark: the 30-year costs about $1,896 per month with $382,633 in total interest, while the 15-year costs about $2,531 per month with $155,645 in interest. Over the life of the loan, the 15-year saves roughly $227,000 — at the price of a $635 higher monthly payment.
| Metric | 30-Year |
|---|---|
| Monthly Payment (P&I) | $1,896 |
| Total Interest | $382,633 |
| Interest Rate (typical) | 6.5% |
| Metric | 15-Year |
|---|---|
| Monthly Payment (P&I) | $2,531 |
| Total Interest | $155,645 |
| Interest Saved vs 30-Year | ≈ $227,000 |
| Interest Rate (typical) | 6.0% |
The 30-year mortgage wins when flexibility matters more than total interest. The lower payment frees cash flow for other goals — building an emergency fund, maxing out retirement accounts, or investing in the market, where long-run returns (7-10%) typically beat the mortgage rate you are paying.
The classic middle path is to take the 30-year and make extra principal payments when you can. This gives you the optionality of a low minimum payment while still shortening the term and cutting interest — the effective equivalent of a 15-year loan without locking yourself in.
Use the Metriova Mortgage Calculator to compare both terms side by side. If you have stable income, a comfortable emergency fund, and no higher-return debt, a 15-year term is mathematically superior. If you value flexibility, plan to invest the difference, or expect income changes, the 30-year with voluntary extra payments is usually the better fit.
Mortgage Calculator — PMI, Taxes & Extra Payments
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