You may wonder, Is a 15-year fixed mortgage worth it? Our answer: absolutely. It’s one of the best ways to eliminate your mortgage debt, and you can save thousands on interest payments. For instance, consider the staggering difference between a 30-year mortgage and 15-year mortgage, both for $400,000. At an average of 4% interest on a 30-year mortgage, you’ll pay an extra $287,487 over the life of the loan. But with a shorter 15-year mortgage, you’ll pay only $97,218 of interest.