Cal11 calculator
Search calculator...

15-Year Loan Calculator

Reviewed by Calculator Editorial Team

Use this 15-year loan calculator to determine your monthly payments, total interest, and loan amortization schedule. Whether you're comparing loan options or planning your budget, this tool provides clear insights into your repayment terms.

How to Use This Calculator

Enter the loan amount, annual interest rate, and select the loan term (15 years). Click "Calculate" to see your monthly payment, total interest paid, and amortization details.

The calculator uses standard amortization formulas to provide accurate results. You can adjust any input to see how changes affect your repayment terms.

Formula Used

The monthly payment for a 15-year loan is calculated using the standard loan amortization formula:

Monthly Payment = P × [r(1 + r)n] / [(1 + r)n - 1]

Where:

  • P = Principal loan amount
  • r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
  • n = Number of payments (loan term in years × 12)

Total interest paid is calculated by multiplying the monthly payment by the number of payments and subtracting the principal loan amount.

Worked Example

Let's calculate a $100,000 loan at 4.5% annual interest over 15 years:

  1. Convert annual rate to monthly: 4.5% ÷ 12 = 0.375% or 0.00375
  2. Number of payments: 15 × 12 = 180
  3. Plug into formula: $100,000 × [0.00375(1 + 0.00375)180] / [(1 + 0.00375)180 - 1]
  4. This yields a monthly payment of approximately $714.50
  5. Total interest paid: ($714.50 × 180) - $100,000 = $76,380

This example shows that a $100,000 loan at 4.5% interest over 15 years would cost $76,380 in interest, with monthly payments of $714.50.

Frequently Asked Questions

What is a 15-year loan?
A 15-year loan is a mortgage or personal loan with a repayment term of 15 years (180 months). It typically offers lower monthly payments compared to shorter-term loans but results in higher total interest costs.
How does the interest rate affect my payments?
A higher interest rate increases your monthly payments and total interest costs. Conversely, a lower interest rate reduces these amounts. Always compare rates when evaluating loan options.
Can I pay off a 15-year loan early?
Yes, you can pay off a 15-year loan early without penalty. Paying extra principal reduces the total interest paid and shortens the loan term.
What is the difference between APR and interest rate?
APR (Annual Percentage Rate) includes all fees and costs, while the interest rate is the base rate charged by the lender. APR is typically higher than the interest rate.