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15-Year vs 30-Year Refinance Calculator
30-yr fixed avg 7.11% as of November 12, 2026
Source: Freddie Mac PMMS
Your numbers
30-yr fixed avg 7.11% as of November 12, 2026
Source: Freddie Mac PMMS
30-year
$2,018
15-year
$2,605
The 15-year costs $587 more a month and saves $257,608 in interest.
No credit check to see options. Estimates use principal and interest only.
How this calculator works
Choosing between a 15-year and a 30-year refinance is a trade-off between monthly cash flow and total cost. A 30-year loan spreads payments over twice as many months, so each payment is lower. A 15-year loan has higher payments, but you pay the loan off in half the time and 15-year rates are typically lower than 30-year rates.
Those two effects together — fewer years of interest and a lower rate — mean a 15-year loan usually costs far less in total interest. This calculator shows the monthly payment and lifetime interest for each term on the same loan amount, using this week's Freddie Mac PMMS averages for 30-year and 15-year fixed loans as starting points. Replace them with your own quotes for the most accurate comparison.
The higher payment is the main risk. A 15-year payment is a fixed obligation: if your income drops, you can't lower it without refinancing again. Some homeowners take a 30-year loan and voluntarily pay extra each month instead, which keeps flexibility but usually at a slightly higher rate. Check whether your loan has any prepayment terms before relying on that approach.
A 20-year term sits in between and is available from many lenders; the main refinance calculator lets you compare 15, 20 and 30 years with your own current loan.
Worked example at this week's rates
On a $300,000 refinance at this week's averages, a 30-year loan at 7.11% costs $2,018 a month and $426,523 in lifetime interest. A 15-year loan at 6.45% costs $2,605 a month — $587 more — and $168,915 in interest, saving $257,608.
PMMS is a national purchase-mortgage benchmark, not a refinance quote, so your own offer may be higher or lower.
Estimates only. Default rates are Freddie Mac PMMS weekly averages — a national purchase-mortgage benchmark, not a local refinance quote. Payments are principal and interest only. reficalculator.com is not a lender or broker; see how we calculate.
Frequently asked questions
- Is a 15-year refinance worth it?
- If you can comfortably afford the higher payment, a 15-year loan typically saves a large amount of interest and builds equity faster. If cash flow is tight, a 30-year loan is safer.
- Why are 15-year rates lower?
- Lenders take less long-term risk on shorter loans, so 15-year rates are usually below 30-year rates. Freddie Mac's weekly survey reports both.
- Can I pay a 30-year loan like a 15-year?
- Many loans allow extra principal payments without penalty, which shortens the payoff. Check your loan terms first.
- Does refinancing to a 15-year raise my payment?
- Often yes, unless your new rate is much lower than your current one or your balance is much smaller. The calculator shows the exact difference.
- What about a 20-year refinance?
- A 20-year term balances payment and interest between the two. Use the main refinance calculator to compare 15, 20 and 30 years.
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