Allen Markel, REALTOR® · Texas Premier Realty

Buying

15 vs. 30 years

The payment and total interest each way, and what the 15-year payment would buy on a 30-year clock.

A typical recent 30-year rate. Edit to your lender's quote.

Assumed about 0.6 under the 30-year — the usual spread. Edit to your quote.

The 15-year saves

$286,148 in interest

30-year payment (P&I at 6.69%)
$2,321
15-year payment (P&I at 6.07%)
$3,052
More each month on the 15
$731/mo
Total interest, 30-year
$475,421
Total interest, 15-year
$189,273

Same $360,000 loan. The 15-year costs $731 more a month and is paid off 15 years sooner. Spent on a 30-year loan instead, that same $3,052 payment carries a $525,984 home at 10% down.

What the 15-year payment buys on a 30-year clock.

We’re not a lender. Principal & interest only — taxes, insurance and any PMI ride on top of both. Lenders qualify you on the payment, so the 15-year may approve a smaller loan; an extra-principal habit on a 30-year (see Early payoff) keeps the flexibility. A lender will price both for you — we’ll introduce you below.

Talk to a lender

These are the lenders Allen works with. For any lender you’d like to talk to, tap Make introduction — we’ll make the introduction for you.

Allen Markel is a licensed Texas REALTOR®, not a mortgage lender or loan originator. He does not quote rates or terms and does not decide whether you qualify — only a lender can do that. Introductions are a courtesy; you choose who to work with.

Numbers raising questions? Walk through them with a person.

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