Mortgage Calculator by Loan Term
The term is the quiet giant of mortgage math: on a $300,000 loan at 6.5%, choosing 15 years over 30 saves roughly $279,000 of interest. Pick a term to see its full payment tables and calculator.
Every term on one $300,000 loan (6.5%)
| Term | Monthly P&I | Total interest | Total repaid |
|---|---|---|---|
| 10 years | $3,406.44 | $108,773 | $408,773 |
| 15 years | $2,613.32 | $170,398 | $470,398 |
| 20 years | $2,236.72 | $236,813 | $536,813 |
| 30 years | $1,896.20 | $382,633 | $682,633 |
| 40 years | $1,756.37 | $543,058 | $843,058 |
Principal and interest only. Shorter terms usually also qualify for lower rates, which makes the real-world gap even wider. Compare the two most popular head-to-head in the 15 vs 30 year calculator.