Term length is a trade-off between monthly principal-and-interest and total interest paid—under a fixed rate model.
Sample: $350,000.00 · 20% down · 6% rate
- 15-year: $2,362.80 P&I/mo · $145,303.84 interest
- 30-year: $1,678.74 P&I/mo · $324,346.93 interest
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Frequently asked questions
Does a 15-year mortgage always cost less interest?
Under the same fixed rate and loan amount in Nestfigure’s model, a 15-year term usually has higher monthly P&I and lower total interest than a 30-year term. Real rates and costs can differ by product.
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Compare terms in the free calculator
Same price and rate, different lengths.
Open mortgage calculatorSources linked above include U.S. government materials (for example CFPB, FDIC, NCUA, BLS, IRS) where noted. Sample math uses only labeled Nestfigure assumptions—not bank quotes, job offers, or personalized advice. Last reviewed: August 9, 2026.