15-Year Mortgage Calculator

Calculate your monthly payment on a 15-year fixed-rate mortgage.

Files processed in your browser — never uploaded to our servers

Loan Amount

Annual Interest Rate (%)

Term (Months)

Monthly Payment

$2,491.23

Total Interest

$148,421.45

Total Cost

$448,421.45

Principal (67%)Interest (33%)

$300,000.00$148,421.45

Amortization Over Time

Amortization Schedule

Month	Payment	Principal	Interest	Balance
1	$2,491.23	$1,053.73	$1,437.50	$298,946.27
2	$2,491.23	$1,058.78	$1,432.45	$297,887.49
3	$2,491.23	$1,063.85	$1,427.38	$296,823.64
4	$2,491.23	$1,068.95	$1,422.28	$295,754.69
5	$2,491.23	$1,074.07	$1,417.16	$294,680.61
6	$2,491.23	$1,079.22	$1,412.01	$293,601.40
7	$2,491.23	$1,084.39	$1,406.84	$292,517.01
8	$2,491.23	$1,089.59	$1,401.64	$291,427.42
9	$2,491.23	$1,094.81	$1,396.42	$290,332.61
10	$2,491.23	$1,100.05	$1,391.18	$289,232.56
11	$2,491.23	$1,105.32	$1,385.91	$288,127.23
12	$2,491.23	$1,110.62	$1,380.61	$287,016.61

1 / 15

Compare Current Rates

Rates shown are for illustration. Compare real offers from lenders to find your best rate.

Compare mortgage rates at LendingTree →Compare rates at Bankrate →

What is 15-Year Mortgage Calculator?

A 15-year mortgage is a home loan you repay in half the time of a traditional 30-year mortgage. The trade-off is clear: your monthly payment will be 30–50% higher, but you pay roughly half the total interest over the life of the loan. Lenders also typically offer interest rates 0.5–0.75% lower on 15-year loans compared to 30-year loans, compounding the savings further. Beyond the interest math, a 15-year mortgage builds home equity at nearly twice the pace — meaning you own more of your home sooner. This equity is a significant financial asset if you ever need to sell, refinance, or access a home equity line of credit. For borrowers with stable, high incomes, it is one of the most efficient paths to building long-term wealth through real estate.

How to use

Enter the home purchase price or the amount you plan to borrow after your down payment.
Input the annual interest rate you have been quoted — or use current average 15-year rates as a benchmark.
The loan term is fixed at 15 years (180 months); confirm this matches your loan offer.
Click Calculate to see your estimated monthly principal-and-interest payment.
Review the total interest paid figure and compare it to the 30-year mortgage calculator to quantify your savings.
Adjust the home price or interest rate to model different purchase scenarios before committing.

Why it matters

The difference between a 15-year and 30-year mortgage is not just about paying off sooner — it is about the total dollars that leave your pocket. On a $300,000 loan at 6%, a 30-year mortgage costs roughly $347,000 in interest alone. The 15-year equivalent costs around $155,000 — a difference of nearly $192,000. For homeowners who can absorb the higher payment, that gap is money that stays in their household. A 15-year mortgage also eliminates housing debt before retirement for many buyers, removing a large fixed expense exactly when income may decrease.

Pro tip

Before committing to a 15-year loan, stress-test your budget against both the higher payment and a potential income disruption. Build a 3–6 month emergency fund first, then confirm the payment does not exceed 28% of your gross monthly income. If cash flow is uncertain, consider a 30-year mortgage and make voluntary extra principal payments — you preserve payment flexibility without giving up all of the interest savings.

Frequently Asked Questions

A 15-year mortgage payment is typically 30–50% higher than a 30-year, but you pay roughly half the total interest over the life of the loan.

Yes, 15-year mortgages typically have rates 0.5–0.75% lower than 30-year mortgages, saving even more on interest.

A $200,000 mortgage at 5% for 15 years has a monthly payment of approximately $1,581.59. Your exact amount depends on your rate.

If you can comfortably afford the higher payment, a 15-year mortgage saves a significant amount in interest and builds equity much faster.