A 15-year loan is paid off in half the time.
Rates are usually lower, but the monthly payment is higher.
A 15-year loan is paid off in half the time, usually at a lower rate.
Monthly payment on $300,000
| 30-year at 7.375% | $2,072 | |
|---|---|---|
| 15-year at 6.750% | $2,655 | |
| Difference | +$583 |
The 15-year payment is about $583 more a month.
Example details: $300,000 30-year fixed at 7.375% (7.406% APR): 360 monthly payments of $2,072.03; $300,000 15-year fixed at 6.750% (6.795% APR): 180 monthly payments of $2,654.73. Principal and interest only; taxes and insurance not included, so the actual payment will be higher. Unless noted, APR assumes ZERO Closing Costs, no discount points and 15 days of prepaid interest. Hypothetical example prepared November 4, 2026, not a current CapCenter rate offer; subject to credit approval.
Total interest
| 30-year | $445,929 | |
|---|---|---|
| 15-year | $177,851 | |
| You save | $268,078 |
But you’d pay about $268,078 less in total interest.
A 15-year fits if
- Your budget handles the higher payment
- You have emergency savings
- You want to own your home sooner
- You don’t plan to move soon
It fits if your budget handles the payment and you plan to stay.
ZERO Closing Costs
Either way, your refinance comes with ZERO Closing Costs (restrictions apply; see Offer details).