15-Year Mortgage Calculator
Estimate the monthly payment, total interest and amortization schedule on a 15-year fixed-rate mortgage.
How the 15-year mortgage calculator works
This calculator fixes the term at 15 years and computes the monthly principal-and-interest payment from your price, down payment, and rate. Compressing repayment into 180 payments raises the monthly bill noticeably above a 30-year loan — often by a third or more — because the same balance now retires in half the time.
What you buy with that higher payment is dramatic. Far less interest accrues over 15 years, lenders usually price these loans below 30-year rates, and equity builds quickly from the first payment. The tool puts the larger payment and the interest you avoid side by side so the trade-off is concrete.
Worked example: with home price of $425,000, down payment of $85,000 and interest rate (apr) of 5.99%, the 15-year mortgage calculator shows estimated monthly payment of $2,867.28.
- Principal & interest
- $2,867.28
- Total interest
- $176,110
- Total of payments
- $516,110
- Loan-to-value
- 80.0%
| Home price | Estimated monthly payment |
|---|---|
| $300,000 | $1,813.13 |
| $425,000 | $2,867.28 |
| $550,000 | $3,921.42 |
| $700,000 | $5,186.40 |
The formula
Monthly payment M = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r is the annual rate ÷ 12, and the term is fixed so n = 15 × 12 = 180 payments. Total interest = (M × 180) − P, typically a fraction of the equivalent 30-year total.
- Term is fixed at 15 years; this assumes a fixed rate, the most common structure for 15-year mortgages.
- Principal and interest only — taxes, insurance, and any HOA dues are added on top and are unaffected by the shorter term.
- Assumes the lower 15-year rate quoted in 2026; the actual spread below a 30-year rate varies by lender, credit, and the day you lock.
- The higher required payment is the main limitation: less budget cushion for emergencies and less qualifying room than a 30-year loan.
- Because more of every payment hits principal from day one, PMI on a low-down-payment loan typically falls away sooner than on a 30-year term.
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender or a licensed advisor.
Questions about the 15-year mortgage calculator
Roughly how much interest does a 15-year save versus a 30-year?
Usually more than half, and often far more. You're paying for half as many years and typically at a lower rate, so the interest column shrinks sharply.
The exact figure depends on your rate spread and balance, but it's common for a 15-year loan to cost less than half the lifetime interest of the same balance financed over 30 years.
If I can afford the 15-year payment, is there any reason to choose a 30-year instead?
Flexibility. The 15-year locks you into the higher payment every month, while a 30-year lets you pay extra voluntarily and pull back when life gets tight.
If your income is steady and you value the forced discipline and the rate discount, the 15-year wins. If cash flow is uneven, the 30-year's optional prepayment is safer.
Why do 15-year mortgages carry lower rates than 30-year ones?
Lenders take on less risk over a shorter horizon — less exposure to rate moves, inflation, and default over time — so they price the loan lower. You repay their money faster, and they reward that with a discount.
The gap moves with market conditions but typically runs a meaningful fraction of a percent below the 30-year rate.
Is the 15-Year Mortgage Calculator free to use?
Yes. Every calculator on MortgageLoansCalculator is completely free, with no sign-up, login or paywall. Run as many scenarios as you like.
What is the payment on a 15-year mortgage?
A 15-year loan carries a higher payment but a lower rate and far less total interest.
At 5.85%, a $300,000 loan runs about $2,500 a month in principal and interest, versus roughly $1,900 on a 30-year — but you finish 15 years sooner.
Is a 15-year mortgage worth it?
If the higher payment fits your budget comfortably, yes — a lower rate and dramatically less total interest. If it would strain your cash flow, a 30-year with extra principal payments delivers similar savings with more flexibility.
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See your full PITI payment: principal, interest, property tax, homeowners insurance, PMI and HOA dues.
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Include private mortgage insurance in your payment and find out exactly when PMI drops off.
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Compare the low interest-only payment with the jump once principal repayment begins.