15-Year Fixed Mortgage Calculator

A 15-year fixed-rate mortgage repays a home loan through 180 scheduled monthly payments. The interest rate stays the same throughout the loan term, providing a predictable required principal-and-interest payment.

Because the balance is repaid over 15 years instead of 30, each payment generally applies more money toward principal. That can help you build home equity faster and reduce the total interest paid. The tradeoff is a higher required monthly payment for the same balance and interest rate.

Enter the home price and choose your down payment in dollars or as a percentage. The calculator subtracts the down payment to determine your starting mortgage balance. Enter the fixed annual interest rate you want to evaluate.

Add estimated monthly property taxes, homeowners insurance and HOA fees. If applicable, enter an estimated annual PMI rate. Select your first payment month and year to see the scheduled payoff date and dated amortization entries.

The results show principal and interest, estimated initial housing expenses, total scheduled mortgage interest and the declining loan balance. You can also compare nearby interest rates and expand the amortization schedule.

A fixed-rate mortgage uses an amortization formula based on the amount borrowed, the monthly interest rate and the number of scheduled payments. For a 15-year mortgage with monthly payments, the repayment period is 180 months.

Here, M represents monthly principal and interest, P is the starting loan balance, and r is the annual interest rate divided by 12 and expressed as a decimal. At a zero interest rate, the monthly principal payment equals the starting balance divided by 180.

Each payment covers interest on the remaining balance and reduces principal. As the balance falls, less interest accrues and more of the fixed payment goes toward principal. The amortization schedule illustrates that progression.

Suppose you purchase a $400,000 home with an $80,000 down payment. Your starting loan balance is $320,000. At a hypothetical 6% fixed annual interest rate, the scheduled principal-and-interest payment is approximately $2,700 per month over 180 payments.

At that rate, total scheduled interest is approximately $166,000 over the 15-year term, assuming no additional principal payments. These figures are illustrative and exclude property taxes, homeowners insurance, HOA fees and any applicable PMI.

Your actual mortgage rate, closing costs and insurance requirements depend on your lender, loan program, credit profile and property.

A 15-year mortgage generally requires more principal and interest each month, but repays the balance sooner. A 30-year mortgage spreads repayment over a longer period, reducing the required monthly payment for the same balance and interest rate.

The shorter term can substantially reduce total interest and build equity faster. However, the larger required payment leaves less monthly cash flow for emergencies, retirement contributions, home maintenance or other goals.

When comparing loan terms, use the actual rates and fees available for each option. A 15-year rate is not guaranteed to be lower than a 30-year rate, and the monthly payment difference depends on more than the term alone.

Principal and interest repay the borrowed money. Property taxes are based on local assessments and tax rates. Homeowners insurancecovers certain insured property losses, subject to policy terms and exclusions.

Private mortgage insurance may be required for certain conventional loans with less than 20% down. HOA fees may apply to properties in homeowners associations.

The calculator estimates the initial monthly housing payment. Taxes, insurance and HOA fees are treated as the amounts you enter. PMI is an initial estimate, not a month-by-month cancellation forecast. Utilities, repairs, maintenance and closing costs are not included.

A change in the mortgage interest rate affects both the required monthly principal-and-interest payment and the total interest paid over 180 months. The rate comparison table lets you examine nearby hypothetical rates while holding the loan amount and repayment term constant.

When reviewing lender offers, compare the interest rate, annual percentage rate (APR), discount points, lender fees and estimated closing costs. APR includes certain borrowing costs and is different from the interest rate used to calculate the scheduled monthly payment.

A 15-year mortgage may appeal to borrowers who want to repay their home sooner and can comfortably afford the larger required payment. It can be especially relevant when faster equity accumulation and lower lifetime borrowing costs are important financial priorities.

A shorter mortgage term is not automatically the better choice. Consider whether the payment leaves sufficient room for emergency savings, retirement contributions, property maintenance and unexpected expenses.

Some borrowers make additional principal payments to shorten the repayment period. Extra principal reduces the outstanding balance and can lower future interest charges when applied correctly by the loan servicer.

Check your loan terms and servicer instructions before making additional payments. This calculator models the standard 180 scheduled payments and does not incorporate extra payments into its displayed payoff date or amortization schedule.

To explore a longer repayment term, use our 30-year fixed mortgage calculator. To evaluate your homebuying budget, try the mortgage affordability calculator.

These estimates are for education and financial planning, not a loan approval or a guarantee of rates or financing.