15 Fixed Rate Mortgage Calculator
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Reviewed by Calculator Editorial Team
Use our 15 Fixed Rate Mortgage Calculator to estimate your monthly mortgage payments, total interest paid, and amortization schedule. This calculator helps you understand how a 15-year fixed-rate mortgage compares to other loan terms.
How the 15 Fixed Rate Mortgage Calculator Works
A 15-year fixed-rate mortgage offers lower monthly payments compared to a 30-year mortgage, but you'll pay more in total interest over the life of the loan. The calculator uses the standard mortgage payment formula:
Mortgage Payment 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 × 12)
The calculator also calculates the total interest paid over the life of the loan by multiplying the monthly payment by the number of payments and subtracting the principal loan amount.
Key Assumptions
- No prepayment penalties
- No private mortgage insurance (PMI)
- No property taxes or insurance included
- Interest rate remains fixed for the entire 15 years
How to Use the Calculator
- Enter the loan amount you're considering
- Input the current fixed interest rate
- Click "Calculate" to see your estimated monthly payment
- Review the results including total interest paid
- Compare with other loan terms if needed
Use the calculator to explore different scenarios and understand how changes in loan amount or interest rate affect your monthly payments.
Example Calculation
Let's say you're considering a $200,000 mortgage with a 4.5% fixed rate for 15 years:
Example Inputs
- Loan Amount: $200,000
- Interest Rate: 4.5%
- Loan Term: 15 years
The calculator would show:
- Monthly Payment: $1,464.46
- Total Interest Paid: $122,114.00
- Total Payments: $322,114.00
This means you would pay $1,464.46 each month for 15 years, with $122,114 going toward interest alone.
Frequently Asked Questions
What is a 15-year fixed rate mortgage?
A 15-year fixed rate mortgage is a home loan where the interest rate remains the same for the entire 15-year term. This typically results in lower monthly payments compared to a 30-year mortgage.
How does a 15-year mortgage compare to a 30-year mortgage?
15-year mortgages have lower monthly payments but higher total interest costs. They're suitable for homeowners who plan to sell or refinance before the term ends.
What factors affect my mortgage payment?
Your monthly payment depends on the loan amount, interest rate, and loan term. The calculator shows how these factors interact to determine your payment.
Can I pay extra toward my mortgage?
Yes, making extra payments can reduce your principal balance and pay off your mortgage faster, saving on interest. However, check if your lender allows prepayments.