Calculate 15 Year Fixed Mortgage

Calculate your monthly mortgage payments for a 15-year fixed rate loan. This calculator helps you estimate payments, total interest, and amortization schedule for a 15-year fixed mortgage term.

How to Use This Calculator

Enter your loan amount, interest rate, and down payment to calculate your monthly payments and total interest over 15 years. The calculator shows:

Monthly payment amount
Total interest paid over the loan term
Amortization schedule visualization

Use this information to compare different mortgage options and understand your financial commitment.

Mortgage Basics

A 15-year fixed mortgage is a home loan with a fixed interest rate for 15 years. This term offers lower monthly payments compared to 30-year mortgages but requires more principal repayment each month.

Monthly Payment = P * (r(1+r)^n) / ((1+r)^n - 1) Where: P = Principal loan amount r = Monthly interest rate (annual rate / 12) n = Number of payments (loan term in years * 12)

The formula calculates the fixed monthly payment based on the loan amount, interest rate, and term.

Fixed vs Variable Rates

Fixed-rate mortgages have a stable interest rate for the entire term, while variable-rate mortgages adjust with market rates. A 15-year fixed mortgage typically has a higher initial rate than a 30-year fixed mortgage but offers:

Lower monthly payments
Faster principal payoff
Potential for refinancing after 5-7 years

Consider your financial situation and future plans when choosing between fixed and variable rates.

Amortization Schedule

The amortization schedule shows how your loan is paid off over time, with each payment applying to both interest and principal. With a 15-year term, you'll pay off more principal each month compared to a 30-year mortgage.

The chart in the calculator shows the breakdown of each payment over the loan term.

Comparison Example

Compare a $200,000 loan at 4% interest rate for both 15-year and 30-year terms:

Term	Monthly Payment	Total Interest	Total Cost
15 years	$1,232	$48,000	$248,000
30 years	$996	$134,400	$334,400

The 15-year term saves you $186,400 in total interest payments over the life of the loan.

Frequently Asked Questions

What is a 15-year fixed mortgage?: A 15-year fixed mortgage is a home loan with a fixed interest rate for 15 years. It typically has lower monthly payments than a 30-year mortgage.
How does a 15-year mortgage compare to a 30-year mortgage?: A 15-year mortgage has lower monthly payments but requires more principal repayment each month. It's a good option for those who plan to sell or refinance within 15 years.
What are the closing costs for a 15-year mortgage?: Closing costs typically include loan origination fees, appraisal fees, title insurance, and other fees. These can range from 2% to 5% of the loan amount.
Can I refinance a 15-year mortgage?: Yes, you can refinance a 15-year mortgage after the initial 5-7 years when rates are lower. This can help you save on interest payments.
What happens if I can't make my mortgage payments?: If you can't make payments, contact your lender immediately. They may offer loan modifications, forbearance, or other solutions to help you avoid foreclosure.