Which is Better - A 30 or 15 Year Mortgage? This loan comparison calculator will compare a 30 and 15 year mortgage. As you will see, a 15 year mortgage will allow you substantial interest savings.     Loan Information $     How much do you plan to borrow?    % What is the interest rate of the new home loan? 30 Year Mortgage 15 Year Mortgage                 What is the term of the mortgage? (number of years financed).       This is what your calculated monthly payment would be.       This is the total amount you will pay per year.       This is the total amount you will pay over the term of the loan.       This is the total amount of interest you will pay on the loan. The total interest you pay over the life of a loan decreases as you decrease the number of years the loan is amortized. Note: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult with Lisa Gibbs.