15-Year vs 30-Year Mortgage: What's Better for Nevada Homeowners?

Choosing between a 15-year and 30-year mortgage is one of the biggest financial decisions you'll make. Here's everything Nevada homebuyers need to know to make the right choice.

15-Year Mortgage

Typical Nevada Rate
5.75%
Example: $350,000 loan
Monthly Payment:
$2,899
Total Interest Paid:
$171,820
Payoff Timeline:
15 Years
Best for:
  • Buyers who can afford higher payments
  • Those nearing retirement
  • Buyers who want to save on interest
  • People refinancing with equity

30-Year Mortgage

Typical Nevada Rate
6.25%
Example: $350,000 loan
Monthly Payment:
$2,155
Total Interest Paid:
$425,800
Payoff Timeline:
30 Years
Best for:
  • First-time homebuyers
  • Buyers on a budget
  • Those wanting payment flexibility
  • Buyers maximizing home size
The Bottom Line:

With a 15-year mortgage, you'll pay $744 more per month but save $253,980 in interest over the life of the loan. That's the trade-off: higher monthly cost for massive long-term savings.

Key differences: Side-by-side comparison

Here's how these two mortgage terms stack up across every important factor:

Factor 15-Year Mortgage 30-Year Mortgage
Interest Rate
Lower (typically 0.25-0.75% less)
Higher
Monthly Payment
Much Higher
Lower (easier to qualify)
Total Interest Paid
Much Less (huge savings)
Much More (2-3x the interest)
Equity Building
Fast (own home in 15 years)
Slow (first decade mostly interest)
Approval Difficulty
Harder (need strong income)
Easier (lower DTI requirements)
Flexibility
Less (high required payment)
More (can pay extra when able)
Tax Deduction Smaller (less interest to deduct) Larger (more interest deductible)
Buying Power Lower (smaller loan for same payment) Higher (afford a bigger home)
See Your Rate for Both Options

Which mortgage term should Nevada homebuyers choose?

The right choice depends on your financial goals, income stability, and life stage:

Choose 15-Year If...

You can comfortably afford the higher payment

Your debt-to-income ratio (DTI) stays below 43% even with the larger payment, and you still have room for savings and emergencies

You're 10-15 years from retirement

Paying off your home before retirement gives you financial freedom when your income drops. This is ideal for Nevada buyers in their 40s-50s

You hate paying interest

If you're debt-averse and want to minimize what you pay the bank, a 15-year loan means you'll own your home free and clear much faster

You're refinancing and have equity

Many Nevada homeowners refinance from a 30-year to a 15-year after building equity. If you can swing the payment, it's a smart move

You have stable, high income

Professionals, dual-income households, or those with reliable income streams can benefit from the wealth-building power of a 15-year loan

Choose 30-Year If...

You're a first-time buyer

Lower payments mean you can afford to buy sooner, even with less income or savings. Most Nevada first-timers go 30-year

You need maximum flexibility

Required payment is lower, but you can always pay extra when able. This gives you breathing room for unexpected expenses

You want to buy more house

The lower payment lets you qualify for a larger loan. In pricey Nevada markets like Las Vegas or Reno, this matters

You prioritize investing elsewhere

Some buyers prefer to invest the difference in stocks, retirement accounts, or other assets that may earn more than mortgage interest costs

You plan to move within 10 years

If this isn't your forever home, paying extra to save interest over 15 years doesn't make sense. Keep the payment low

Can't decide? There's a middle ground.

Get a 30-year mortgage but make extra principal payments. You'll have the flexibility of a low required payment, but you can pay it off faster when your budget allows. Best of both worlds.

Get Pre-Approved for Either Term

Common questions about 15 vs 30-year mortgages

Still not sure which term is right for you?

Get Quotes for Both Terms (702) 696-9900