100 $0.00 Mortgage 15 Years Calculator
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Reviewed by Calculator Editorial Team
This calculator helps you determine your monthly mortgage payments for a $100,000 loan with a 0% down payment and 15-year term. It shows your monthly payment, total interest paid, and amortization schedule.
How to Use This Calculator
To calculate your mortgage payments:
- Enter the loan amount (default is $100,000)
- Enter your interest rate (default is 5%)
- Select the loan term (default is 15 years)
- Click "Calculate" to see your results
The calculator will display your monthly payment, total interest paid over the loan term, and a chart showing the principal and interest breakdown.
Mortgage Formula
The monthly mortgage payment is calculated using the standard mortgage formula:
M = P [i(1 + i)n] / [(1 + i)n - 1]
Where:
- M = Monthly payment
- P = Principal loan amount
- i = Monthly interest rate (annual rate divided by 12)
- n = Number of payments (loan term in years multiplied by 12)
This formula accounts for the interest on the remaining balance each month, creating a fixed monthly payment that gradually reduces the principal.
Worked Example
Let's calculate a $100,000 mortgage at 5% interest for 15 years:
- Monthly interest rate = 5% ÷ 12 = 0.4167%
- Number of payments = 15 × 12 = 180
- Using the formula: M = 100,000 [0.004167(1 + 0.004167)180] / [(1 + 0.004167)180 - 1]
- This calculates to approximately $743.65 per month
Over 15 years, you would pay a total of $1,418,540, with $418,540 going toward interest.
Note: This is an estimate. Actual payments may vary slightly based on your lender's calculation methods.
Mortgage Amortization Schedule
The amortization schedule shows how your loan is paid off over time. Here's a sample for our example:
| Payment # | Payment Amount | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|---|
| 1 | $743.65 | $327.08 | $416.57 | $99,672.92 |
| 2 | $743.65 | $328.74 | $414.91 | $99,344.18 |
| 3 | $743.65 | $330.40 | $413.25 | $99,013.78 |
| ... | ... | ... | ... | ... |
| 180 | $743.65 | $742.53 | $1.12 | $0.00 |
The schedule shows how each payment is applied to both principal and interest, with the interest portion decreasing over time as the principal balance shrinks.
Frequently Asked Questions
- What is a 0% down payment mortgage?
- A 0% down payment mortgage means you're borrowing 100% of the home's value without contributing any money upfront. This is typically offered by government programs like FHA loans in the US.
- How does a 15-year mortgage compare to a 30-year mortgage?
- A 15-year mortgage has higher monthly payments but lower total interest costs. It's ideal for those who can afford higher payments and want to pay off the loan faster.
- What factors affect my mortgage payment?
- Your payment is determined by the loan amount, interest rate, and term. Other factors like points (prepaid interest) and loan type can also affect your payment.
- Can I pay extra toward my mortgage?
- Yes, paying extra principal can reduce your loan balance faster and save on interest. Just be aware that it may affect your mortgage insurance or refinance options.