15-Year vs. 30-Year Mortgage: The Numbers at November 2026 Rates
Figures and rules in this post are as of November 6, 2026, from the sources linked below. Check the source for any later update.
Freddie Mac’s survey for November 5, 2026 put the average 30-year fixed rate at 7.18% and the 15-year at 6.57%. Here is how the two compare on the same $800,000 loan. Payments are principal and interest only, and are for illustration.
$800,000 loan
- 30-year at 7.18%: about $5,419 a month. Total interest over 30 years is about $1.15 million.
- 15-year at 6.57%: about $7,000 a month. Total interest over 15 years is about $460,000.
What the comparison shows
- The 15-year payment is higher each month because the loan is repaid in half the time.
- The 15-year carries a lower average rate and much less total interest.
- Property tax, insurance and any HOA or Mello-Roos charges are extra under either option.
A lender can give exact figures for a specific borrower. The Consumer Financial Protection Bureau’s homebuying guides explain loan types and the Loan Estimate form.
Sources
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Lianna Danielyan, REALTOR® · Equity Union · CA DRE #02142653 · 13400 Ventura Blvd, Sherman Oaks, CA 91423 · (818) 669-6245
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