15 Year Loan Mortgage Calculator
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Reviewed by Calculator Editorial Team
Calculate your 15-year mortgage payments with this professional calculator. Enter your loan amount, interest rate, and down payment to see your monthly payment, total interest, and amortization schedule.
How to Use This Calculator
To calculate your 15-year mortgage payments:
- Enter the loan amount you need to borrow
- Input your annual interest rate
- Specify your down payment amount
- Click "Calculate" to see your results
The calculator will display your monthly payment, total interest paid over the loan term, and a breakdown of your payments.
Formula Explained
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 / 12)
n = Number of payments (loan term in years × 12)
Where:
- P is the principal loan amount (loan amount minus down payment)
- i is the monthly interest rate (annual rate divided by 12)
- n is the total number of payments (15 years × 12 months = 180 payments)
Note: This calculator assumes a fixed interest rate for the entire loan term. Adjustments for variable rates are not included.
Worked Example
Let's calculate a 15-year mortgage for $200,000 at 4.5% annual interest with a $40,000 down payment.
- Principal (P) = $200,000 - $40,000 = $160,000
- Monthly interest rate (i) = 4.5% / 12 = 0.375% or 0.00375
- Number of payments (n) = 15 × 12 = 180
- Plug into formula: M = $160,000 [ 0.00375(1 + 0.00375)^180 ] / [ (1 + 0.00375)^180 - 1 ]
- Calculate: M ≈ $1,073.64 per month
Total interest paid over 15 years: $254,368
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|---|---|---|
| 1 | $8,000 | $4,000 | $152,000 |
| 5 | $40,000 | $20,000 | $120,000 |
| 10 | $80,000 | $40,000 | $80,000 |
| 15 | $80,000 | $40,000 | $0 |
Frequently Asked Questions
- What is a 15-year mortgage?
- A 15-year mortgage is a home loan that is repaid over 15 years instead of the more common 30-year term. This results in lower monthly payments but higher total interest costs.
- How does a 15-year mortgage compare to a 30-year mortgage?
- 15-year mortgages typically have lower monthly payments but higher total interest costs. They're suitable for homeowners who plan to sell or refinance before the end of the term.
- What factors affect my mortgage payment?
- Your monthly payment depends on the loan amount, interest rate, down payment, and loan term. Higher interest rates or larger loan amounts will increase your payment.
- Can I get a 15-year mortgage with a low credit score?
- Lenders may be more lenient with credit requirements for 15-year mortgages, but you'll typically need a credit score of at least 620 to qualify. Some lenders may require higher scores.
- What are the closing costs for a 15-year mortgage?
- Closing costs for a 15-year mortgage are similar to those for a 30-year mortgage, typically ranging from 2% to 5% of the loan amount. These include fees for appraisal, title insurance, and other services.