15-Year Fixed-Rate Mortgage Calculator
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Reviewed by Calculator Editorial Team
This 15-year fixed-rate mortgage calculator helps you estimate your monthly payments, total interest paid, and amortization schedule for a 15-year fixed-rate mortgage. A 15-year mortgage typically offers lower monthly payments compared to a 30-year mortgage, but you'll pay more in total interest over the life of the loan.
How the 15-Year Fixed-Rate Mortgage Calculator Works
A 15-year fixed-rate mortgage is a home loan with a fixed interest rate that remains the same for the entire 15-year term. The calculator uses the standard mortgage formula to determine your monthly payment:
Mortgage Payment Formula
Monthly Payment = P × [r(1 + r)n] / [(1 + r)n - 1]
- P = Principal loan amount
- r = Monthly interest rate (annual rate ÷ 12)
- n = Number of payments (loan term in years × 12)
The calculator also calculates the total interest paid over the life of the loan and provides an amortization schedule showing how much of each payment goes toward principal and interest.
Key Assumptions
- No prepayment penalties
- No private mortgage insurance (PMI)
- No property taxes or insurance included
- Fixed interest rate remains constant
How to Use This Calculator
- Enter the loan amount you're seeking (e.g., $200,000)
- Input the current fixed interest rate (e.g., 4.5%)
- Click "Calculate" to see your monthly payment and other details
- Review the results and amortization schedule
- Use the chart to visualize how your payments break down
This calculator provides an estimate based on the information you provide. For an exact quote, consult with a mortgage lender.
Example Calculation
Let's calculate a $200,000 mortgage at 4.5% interest over 15 years:
| Term | Monthly Payment | Total Interest | Total Cost |
|---|---|---|---|
| 15 years | $1,382.00 | $114,600 | $314,600 |
In this example, you would pay $1,382 per month for 15 years, totaling $314,600 with $114,600 going toward interest.
Frequently Asked Questions
What is a 15-year fixed-rate mortgage?
A 15-year fixed-rate mortgage is a home loan with a fixed interest rate that 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?
A 15-year mortgage usually has lower monthly payments but higher total interest costs. It's a good option if you plan to sell or refinance before the 15 years are up.
What factors affect my mortgage payment?
Your monthly payment depends on the loan amount, interest rate, and loan term. Other factors like down payment, private mortgage insurance, and property taxes can also affect your total costs.
Can I pay extra toward my mortgage?
Yes, you can make additional payments toward your principal. This can reduce your total interest costs and pay off your loan faster.
What is an amortization schedule?
An amortization schedule shows how much of each payment goes toward principal and interest over the life of your loan. It helps you understand how your balance decreases each month.