Loanweek

15-year vs 20-year mortgage

$268.84/month difference in monthly payment

$91,486 difference in total interest

15-year: $2,600.15 a month. 20-year: $2,331.30 a month.

Source: Freddie Mac PMMS averages for the week of September 24, 2026: 30-year 7.03%, 15-year 6.42%. 20-year loans are priced at the 30-year average. An average, not an offer.

Side by side

15-year20-year
Amount borrowed$300,000$300,000
Rate6.42%7.03%
Monthly payment$2,600.15$2,331.30
Paid off in15 years20 years
Total interest$168,026$259,513
Balance remaining: 15-year vs 20-yearLoan balance at the end of each year for both options.15-year20-year$0$100k$200k$300kStartYear 10Year 2015-year, Start: $300k15-year, Year 1: $287.7k15-year, Year 2: $274.6k15-year, Year 3: $260.6k15-year, Year 4: $245.7k15-year, Year 5: $229.8k15-year, Year 6: $212.9k15-year, Year 7: $194.8k15-year, Year 8: $175.6k15-year, Year 9: $155k15-year, Year 10: $133.1k15-year, Year 11: $109.8k15-year, Year 12: $84.9k15-year, Year 13: $58.4k15-year, Year 14: $30.1k15-year, Year 15: $015-year, Year 16: $015-year, Year 17: $015-year, Year 18: $015-year, Year 19: $015-year, Year 20: $020-year, Start: $300k20-year, Year 1: $292.9k20-year, Year 2: $285.3k20-year, Year 3: $277.1k20-year, Year 4: $268.3k20-year, Year 5: $258.9k20-year, Year 6: $248.8k20-year, Year 7: $238k20-year, Year 8: $226.3k20-year, Year 9: $213.9k20-year, Year 10: $200.5k20-year, Year 11: $186.2k20-year, Year 12: $170.8k20-year, Year 13: $154.3k20-year, Year 14: $136.6k20-year, Year 15: $117.7k20-year, Year 16: $97.3k20-year, Year 17: $75.5k20-year, Year 18: $52.1k20-year, Year 19: $26.9k20-year, Year 20: $0

Questions

Which has the lower monthly payment?

20-year, by $268.84 a month ($2,600.15 vs $2,331.30).

Which costs less overall?

15-year saves $91,486 in interest ($168,026 vs $259,513).

What rates are these figures based on?

Freddie Mac PMMS averages for the week of September 24, 2026: 30-year 7.03%, 15-year 6.42%. 20-year loans are priced at the 30-year average.

Can I compare a different amount?

Yes: change the amount above and press Compare. The page recalculates with the same rates.

Sources

Numbers on this page last changed September 26, 2026. How they are calculated: methodology.