Free 15 Year Mortgage Calculator

Use this free 15-year mortgage calculator to determine your monthly payments, total interest, and amortization schedule for a 15-year home loan. This tool helps you compare different loan options and understand the financial commitment of a shorter-term mortgage.

How to Use This Calculator

To calculate your 15-year mortgage payments:

Enter the loan amount you're requesting
Input your annual interest rate (APR)
Select the loan term (15 years in this case)
Click "Calculate" to see your results

The calculator will display your monthly payment, total interest paid over the loan term, and an amortization chart showing how your payments break down over time.

Formula Used

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 divided by 12)
n = Number of payments (loan term in years × 12)

This formula accounts for the interest on the unpaid balance of your loan each month, creating a fixed payment schedule.

Worked Example

Let's calculate a $200,000 mortgage at 4% annual interest for 15 years:

Example Calculation

Monthly interest rate = 4% ÷ 12 = 0.333%

Number of payments = 15 × 12 = 180

Using the formula:

M = $200,000 [ 0.00333(1 + 0.00333)¹⁸⁰ ] / [ (1 + 0.00333)¹⁸⁰ - 1 ]

This results in a monthly payment of approximately $1,390.50

Over 15 years, you would pay $2,143,000 in total, with $143,000 going toward interest.

15-Year vs. 30-Year Mortgages

Compare the key differences between 15-year and 30-year mortgages:

Feature	15-Year Mortgage	30-Year Mortgage
Monthly Payment	Higher (due to shorter term)	Lower (spread over longer term)
Total Interest Paid	Lower (less interest over shorter term)	Higher (more interest over longer term)
Refinancing Options	Less common (harder to refinance)	More common (easier to refinance)
Home Equity	Builds faster (more equity in less time)	Builds slower (more equity over time)

Choose a 15-year mortgage if you plan to sell or refinance soon, or if you want to pay less interest in the long run. A 30-year mortgage may be better if you plan to stay in the home long-term and want lower monthly payments.

Frequently Asked Questions

What is the difference between APR and interest rate?

APR (Annual Percentage Rate) includes all fees and costs associated with borrowing, while the interest rate is the actual cost of borrowing. APR is always higher than the interest rate.

Can I get a 15-year mortgage with bad credit?

It's more difficult but possible. Some lenders offer 15-year mortgages to borrowers with lower credit scores, though they may charge higher interest rates or require larger down payments.

How does a 15-year mortgage affect my credit score?

Taking out a 15-year mortgage can positively impact your credit score by showing lenders you're responsible with debt. However, missing payments can negatively affect your score.