Why the two terms look so different
Why the shorter term has a higher payment
The same balance is repaid in 180 payments on a 15-year loan and 360 payments on a 30-year loan. Even with a lower rate, much more principal is due each month.
The CFPB notes that longer terms typically have lower monthly payments but generally cost more over the life of the loan.
Why both columns use the same loan amount
Keeping principal constant isolates the effect of the term and rate. Changing price, down payment, or fees would mix several differences together.
Market reference rates versus a personal quote
The starting rates are national locked-loan averages. A personal quote also prices credit score, down payment, loan size, points, fees, property type, and lock period.