Hampton Roads home prices have held strong, with the median sale price hovering near $400,000 across much of Virginia Beach, Chesapeake, and Norfolk. At that price point, one of the most common questions I get is: 15-year or 30-year mortgage? Most people ask it. Very few get a real answer with actual numbers. Here's that answer.
The Side-by-Side: $400K Home, 5% Down ($380K Loan)
Using current rate estimates — approximately 6.5% for a 30-year and 5.9% for a 15-year — here's what the math actually looks like.
Monthly Payment
• 30-year at 6.5%: $2,402/month
• 15-year at 5.9%: $3,187/month
• Difference: $785/month more on the 15-year
Total Interest Paid Over Life of Loan
• 30-year: approximately $484,700
• 15-year: approximately $193,700
• You save roughly $291,000 in interest with the 15-year
Equity Built (Principal Paid Down)
• After 5 years — 30-year: ~$22,000 | 15-year: ~$79,000
• After 10 years — 30-year: ~$52,000 | 15-year: ~$185,000
• After 20 years — 30-year: ~$131,000 | 15-year: Loan paid off
Those equity numbers matter a lot in a market like Hampton Roads, where homeowners who bought 10 years ago are sitting on serious appreciation.
Who the 15-Year Makes Sense For
The 15-year is a powerful tool if you're in the right situation. It makes sense if you have high household income with room to absorb the higher payment, you're within 15 years of retirement and want the home paid off, or you have aggressive equity goals and plan to stay long-term in Hampton Roads.
Who the 30-Year Makes Sense For
For a lot of buyers I work with, the 30-year is actually the smarter move. That includes first-time buyers stretching to get into the market, military families who might face a PCS in three to five years — where flexibility and cash flow matter more than payoff speed — and investors or buyers who want to keep monthly obligations lower and deploy extra cash elsewhere.
On the VA loan side, the 30-year is by far the most common choice. With no down payment required and competitive rates, the lower monthly payment on a 30-year gives military families breathing room, especially knowing relocation is always a possibility.
What This Means For You
• The 15-year saves you real money — nearly $300K in interest — but only if the payment doesn't strain your monthly budget
• The 30-year gives you flexibility, which has real value for Hampton Roads military families and first-time buyers
• You can always make extra principal payments on a 30-year to accelerate payoff without being locked into the higher required payment
• If you're already a homeowner with equity built up, refinancing into a 15-year can be a smart move when rates align Find out what your home is worth →
The right answer depends on your income, your timeline, and honestly — how long you're planning to stay. In Hampton Roads, with our strong military presence and consistent market activity, that timeline question matters more than almost anywhere else in Virginia.
If you want to run these numbers against your specific situation — different purchase price, different down payment, VA loan eligibility — reach out. I'm happy to work through it with you before you ever talk to a lender.