MEET GS TAX

15-Year vs. 30-Year Mortgage Comparison

15-Year vs. 30-Year Mortgage Comparison

Compare total interest paid, monthly payments, and equity buildup between a 15-year and 30-year mortgage.

Monthly payment (15-year vs. 30-year)$3,430 / $2,594
Total interest paid (15-year vs. 30-year)$217,344 / $533,981
Total cost (15-year vs. 30-year)$617,344 / $933,981
Interest savings with 15-year$316,637
Payment difference per month$835
Equity at year 5 (15-year / 30-year)$94,541 / $24,497
Equity at year 10 (15-year / 30-year)$223,660 / $58,796
Equity at year 15 (15-year / 30-year)$400,000 / $106,818
Need Personal Tax Advice? Speak with a CPA

Quick Answer

The 15-Year vs. 30-Year Mortgage Comparison provides an educational estimate using the figures you enter. It is designed for taxpayers who want a fast planning view before preparing a return or meeting with a CPA.

How to Use This Calculator

  1. Enter your filing status and the requested income or expense amounts.
  2. Review the real-time estimate in the result summary.
  3. Use the result as a planning starting point and confirm your final return details.

The Formula & Math

Each option uses the standard fixed-rate mortgage payment formula over 180 or 360 monthly payments.

Real-World Example

A 15-year loan typically costs more per month but can build equity faster and pay less total interest.

FAQ

Is this an official IRS calculation?

No. It is an educational estimate and does not replace tax software, a filed return, or professional advice.

Does it include every tax rule?

No. Special deductions, credits, state rules, and changes in law can affect the final amount.

Which tax year does it use?

This calculator uses the stated 2026 planning assumptions where applicable.

When to Consult a CPA

  • Your income comes from a business, rental, investment, or multiple states.
  • You are making a major transaction or planning decision.
  • Your estimate differs materially from your withholding or prior-year return.