3.375 15 Fixed Rate Mortgage Calculator
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Reviewed by Calculator Editorial Team
This calculator helps you determine your monthly mortgage payments for a 15-year fixed-rate loan at 3.375% interest. Simply enter your loan amount and see how much you'll pay each month, including principal and interest.
How to Use This Calculator
Using this mortgage calculator is simple:
- Enter the total loan amount you're borrowing in the "Loan Amount" field.
- Click the "Calculate" button to see your monthly payment.
- Review the breakdown of your payment and the amortization schedule.
- Use the information to compare different loan options or make financial decisions.
The calculator uses the standard mortgage payment formula to provide accurate results based on the 3.375% fixed interest rate and 15-year term.
Formula and Assumptions
Mortgage Payment Formula
The monthly payment (P) for a fixed-rate mortgage is calculated using the formula:
P = L × [r(1 + r)^n] / [(1 + r)^n - 1]
Where:
- L = Loan amount
- r = Monthly interest rate (annual rate ÷ 12)
- n = Number of payments (loan term in years × 12)
This calculator uses the following assumptions:
- Fixed interest rate of 3.375% for the entire 15-year term
- No prepayment penalties
- No private mortgage insurance (PMI)
- No property taxes or insurance included in the calculation
Worked Example
Let's calculate a mortgage payment for a $200,000 loan:
- Annual interest rate = 3.375% = 0.03375
- Monthly interest rate = 0.03375 ÷ 12 ≈ 0.0028125
- Number of payments = 15 years × 12 = 180
- Using the formula: P = 200,000 × [0.0028125(1 + 0.0028125)^180] / [(1 + 0.0028125)^180 - 1]
- Calculated monthly payment ≈ $1,342.50
This means you would pay approximately $1,342.50 per month for a 15-year mortgage on $200,000 at 3.375% interest.
Comparison Table
Here's how different loan amounts compare with a 3.375% interest rate and 15-year term:
| Loan Amount | Monthly Payment | Total Interest Paid |
|---|---|---|
| $100,000 | $671.25 | $25,000 |
| $150,000 | $956.88 | $37,500 |
| $200,000 | $1,342.50 | $50,000 |
| $250,000 | $1,728.13 | $62,500 |
| $300,000 | $2,113.75 | $75,000 |
Note: Total interest paid is calculated as (monthly payment × 180) - loan amount.
Frequently Asked Questions
What is a 3.375% fixed rate mortgage?
A 3.375% fixed rate mortgage means your interest rate will remain at 3.375% for the entire loan term, typically 15 years. This provides stability in your monthly payments.
How does a 15-year mortgage compare to a 30-year mortgage?
A 15-year mortgage typically has lower monthly payments but higher total interest costs compared to a 30-year mortgage. The choice depends on your financial situation and goals.
Can I make extra payments on my mortgage?
Yes, you can make extra payments, but check if your lender allows prepayments without penalties. Extra payments can reduce your principal balance and save on interest.
What factors affect my mortgage payment?
Your mortgage payment is primarily affected by the loan amount, interest rate, and loan term. Other factors like property taxes and insurance can also impact your total housing costs.
How can I lower my mortgage payments?
To lower your mortgage payments, you can increase your down payment, extend the loan term, or refinance to a lower interest rate. However, these options may have trade-offs.