15 Year Mortgage Calculator with Amortization

Calculate your 15-year mortgage payments and view the complete amortization schedule. This calculator helps you understand your monthly payments, total interest paid, and how your loan balances over time.

How to Use This Calculator

Enter your loan details in the calculator panel to get your 15-year mortgage payment and amortization schedule. The calculator shows:

Monthly payment amount
Total interest paid over the loan term
Amortization schedule showing each payment's principal and interest components
Visual chart of principal and interest breakdown

The calculator uses standard mortgage formulas to provide accurate results based on your inputs.

How 15-Year Mortgage Amortization Works

A 15-year mortgage amortizes the loan over 180 months. Each monthly payment consists of principal and interest components. The interest portion decreases as the principal balance decreases.

Mortgage Payment Formula

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

Where:

P = Principal loan amount
r = Monthly interest rate (APR/12)
n = Number of payments (15 years × 12 = 180)

The amortization schedule shows how each payment reduces the principal balance. The first payments pay more interest and less principal, while later payments pay more principal and less interest.

Payment #	Payment Amount	Principal	Interest	Remaining Balance
Calculate to see amortization schedule

Example Calculation

Let's calculate a $200,000 mortgage at 4.5% APR for 15 years:

Example Inputs

Loan Amount: $200,000
Interest Rate: 4.5%
Loan Term: 15 years

The calculator would show:

Monthly Payment: $1,487.68
Total Interest Paid: $108,442.40
Total Payments: $308,442.40

The amortization schedule would show the first payment paying $900 in interest and $587.68 in principal, reducing the balance to $199,412.32.

Frequently Asked Questions

What is a 15-year mortgage?

A 15-year mortgage is a home loan that amortizes over 15 years (180 months) instead of the more common 30-year term. This results in lower monthly payments but higher total interest costs.

How does amortization work?

Amortization is the process of paying off a loan through scheduled payments that include both principal and interest. Each payment reduces the loan balance, with early payments paying more interest and later payments paying more principal.

What factors affect mortgage payments?

Key factors include the loan amount, interest rate, loan term, and whether you make extra payments. Lower rates and shorter terms generally result in lower monthly payments.

Can I pay off a 15-year mortgage early?

Yes, you can pay off a 15-year mortgage early without penalty. Paying extra principal reduces the total interest paid and shortens the loan term.