OnionPatchHow much less house can I afford with a 15-year mortgage?
Roughly 25–35% less than with a 30-year loan at the same income, because the monthly payment is significantly higher. But you pay far less total interest and build equity faster.
Home Affordability With a 15-Year Mortgage
Calculate your buying budget with a 15-year loan term and see how faster payoff changes your monthly costs and price range.
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Home Affordability With a 15-Year Mortgage
A 15-year mortgage means higher monthly payments but dramatically less interest over the life of the loan. This calculator is prefilled to show the trade-off so you can decide whether the savings are worth the tighter monthly budget.
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Get immediate results with prefilled settings for this scenario. Adjust any value to match your exact situation.
Why use this calculator
- See the monthly payment difference between 15 and 30 year terms
- Understand how much less you pay in total interest
- Find your max affordable price under a faster payoff schedule
FAQ
Do 15-year mortgages have lower interest rates?
Typically yes, by about 0.25–0.75% compared to 30-year rates. This calculator lets you adjust the rate to reflect the actual 15-year rate you are quoted.
Related scenarios
Explore similar affordability scenarios with prefilled calculator settings.
Home Affordability on a $100K Salary
See exactly how much home a $100,000 annual income supports when you include taxes, insurance, PMI, and maintenance.
Home Affordability on a $150K Salary
Estimate your home buying budget on a $150,000 household income with a complete monthly cost breakdown.
Home Affordability for Dual Income Households
Estimate your combined home buying budget as a two-income household with a complete monthly cost breakdown.
Disclaimer
This calculator provides estimates for informational purposes only. It is not financial advice. Actual affordability depends on credit score, lender requirements, local taxes, and other factors not modeled here. Consult a qualified mortgage professional before making purchasing decisions.