30 Year vs 15 Year Mortgage: Which Is Better?

Updated: October 2026

30-Year Mortgage

The 30-year fixed mortgage is the most popular option in the US. It offers lower monthly payments and greater financial flexibility.

• Lower monthly payments
• More budget flexibility
• Higher total interest
• Slower equity build

15-Year Mortgage

The 15-year term saves massive interest and builds equity fast, but requires higher monthly payments.

• Lower interest rate
• Far less total interest
• Faster equity growth
• Higher monthly commitment

Who Should Choose Which?

Choose 30-year if you want affordability and flexibility. Choose 15-year if you have stable income and want to save on interest.