Mortgage Calculators

How does a 15 year loan compare to a 30 year loan?

Now that you’ve called us for a quote, let’s take a look at how a 15 year loan compares to a 30 year  loan.

The interest rate for a 15 year loan might be lower but the loan is repaid over a shorter period, so you’ll save on overall interest paid but your monthly payments will be higher.

For example, try inserting 3.5 for the 30 year loan and 3.125 for the 15 year loan.

When you call us for a quote, we’ll give you exact rates to compare.

Calculate your mortgage payment
for a 30 year mortgage

Calculate your mortgage payment
for a 15 year mortgage.

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Current average published rates

U.S. Weekly averages as of 1/23/2020 published by Freddie Mac.

Your interest rate will depend on 10 key factors.

When you see an advertised interest rate it is usually based on the best possible circumstances, such as: an 800 FICO score, 40 -60% down payment, closing in 5 days, a 15 year loan and even, believe it or not… paying thousands for the lower rate!

There are 10 factors that affect your interest rate. In order to get your best rate, it’s important to know those 10 factors and be prepared.  Read more here

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.


Opinions, estimates, forecasts, and other views contained in this document are those of Freddie Mac’s Economic & Housing Research group, do not necessarily represent the views of Freddie Mac or its management, and should not be construed as indicating Freddie Mac’s business prospects or expected results. Although the Economic & Housing Research group attempts to provide reliable, useful information, it does not guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Information from this document may be used with proper attribution. Alteration of this document or its content is strictly prohibited. ©2019 by Freddie Mac. Visit http://www.freddiemac.com/pmms/ for more information.

Contact us for a quick quote or if you have any questions.