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Mortgage Payment Calculator 15 Year

Reviewed by Calculator Editorial Team

Use this mortgage payment calculator to determine your monthly payments for a 15-year mortgage. Simply enter your loan amount, interest rate, and down payment to calculate your monthly payment, total interest paid, and other key metrics.

How to Use This Calculator

To calculate your 15-year mortgage payments:

  1. Enter the loan amount you're seeking (e.g., $200,000)
  2. Input your annual interest rate (e.g., 4.5%)
  3. Specify your down payment amount or percentage
  4. Click "Calculate" to see your monthly payment and other details

The calculator will display your estimated monthly payment, total interest paid over the loan term, and the total amount repaid. You can also view a breakdown of how your payments are allocated between principal and interest.

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 (loan amount minus down payment)
  • i = Monthly interest rate (annual rate divided by 12)
  • n = Number of payments (loan term in years × 12)

For a 15-year mortgage, n = 15 × 12 = 180 payments.

Worked Example

Let's calculate a 15-year mortgage payment for a $200,000 loan with a 4.5% annual interest rate and a $20,000 down payment.

  1. Principal (P) = $200,000 - $20,000 = $180,000
  2. Monthly interest rate (i) = 4.5% ÷ 12 = 0.00375 or 0.375%
  3. Number of payments (n) = 15 × 12 = 180
  4. Plugging into the formula:

    M = $180,000 [ 0.00375(1 + 0.00375)180 ] / [ (1 + 0.00375)180 - 1 ]

    M ≈ $1,215.42

Your monthly payment would be approximately $1,215.42, with a total interest paid of about $121,542 over 15 years.

Frequently Asked Questions

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 shorter term means you'll pay more in interest over the life of the loan, but you'll save money in monthly payments and pay off the loan faster.
What factors affect my mortgage payment?
Several factors influence your mortgage payment, including the loan amount, interest rate, loan term, and down payment. A larger loan amount or higher interest rate will result in higher monthly payments. A longer loan term will generally result in lower monthly payments but higher total interest costs.
Can I make extra payments on my mortgage?
Yes, you can make extra payments on your mortgage. Additional payments will reduce the principal balance faster, lower your total interest costs, and potentially shorten the loan term. Many lenders allow bi-weekly payments or prepayment penalties, so check with your lender for specific options.
What is the difference between APR and interest rate?
APR (Annual Percentage Rate) is the total annual cost of borrowing, including fees and interest, while the interest rate is the cost of borrowing without fees. APR is always higher than the interest rate because it includes additional costs.