15-Year Mortgage Calculator

Calculate your 15-year mortgage payment and see how much you save in interest compared to a 30-year loan. Enter your loan amount and interest rate to get instant results with our free 15-year mortgage calculator.

Loan Amount

Interest Rate

0.1%15%

Loan Term

Monthly Payment

$2,212

Your estimated monthly mortgage payment

Total Interest

$446,406

Total Cost

$796,406

Principal

$350,000

How to Use the 15-Year Mortgage Calculator

1. Loan Amount: Enter the total amount you plan to borrow for your home purchase.
2. Down Payment: Input your down payment amount or percentage.
3. Interest Rate: Enter the annual interest rate. 15-year rates are typically 0.25-0.75% lower than 30-year rates.
4. Loan Term: The calculator is pre-set to 15 years. You can compare by switching to other terms.
5. Review Results: See your monthly payment, total interest, and total cost. Toggle the amortization schedule for a month-by-month breakdown.

What Is a 15-Year Mortgage?

A 15-year fixed-rate mortgage is a home loan with a repayment period of 15 years. Each month, you make a fixed payment that includes both principal and interest, and the loan is fully paid off at the end of the 15-year term. Because the repayment period is shorter than the standard 30-year mortgage, monthly payments are higher — but total interest costs are dramatically lower.

Why Choose a 15-Year Mortgage?

The biggest advantage of a 15-year mortgage is interest savings. Because you’re borrowing money for half the time, you pay far less in total interest. Additionally, 15-year mortgages typically come with lower interest rates than 30-year loans, compounding the savings.

Key benefits:

Save tens of thousands (or hundreds of thousands) in total interest
Lower interest rates — typically 0.25% to 0.75% below 30-year rates
Build equity faster — own your home outright in 15 years
Retire debt-free — eliminate your mortgage before retirement

15-Year vs. 30-Year Mortgage Comparison

The table below shows how a 15-year mortgage compares to longer terms on a $300,000 loan:

Loan Term	Interest Rate	Monthly Payment	Total Interest	Total Cost
15 years	6.00%	$2,532	$155,683	$455,683
20 years	6.25%	$2,193	$226,355	$526,355
25 years	6.38%	$2,009	$302,682	$602,682
30 years	6.50%	$1,896	$382,633	$682,633

In this example, the 15-year mortgage saves over $226,000 in interest compared to the 30-year option — even with a rate advantage of only 0.5%.

Who Should Get a 15-Year Mortgage?

A 15-year mortgage is a strong choice if you:

Have a stable, higher income that comfortably covers the higher monthly payment
Want to build equity quickly for retirement planning or future financial goals
Are refinancing and want to aggressively pay down your existing loan
Are buying a moderately priced home where the 15-year payment fits your budget
Plan to stay in the home long-term and want to minimize total borrowing cost

When a 30-Year Mortgage May Be Better

A 15-year mortgage isn’t right for everyone. The 30-year mortgage may be a better fit if:

The higher monthly payment would strain your budget or prevent you from saving for retirement
You want to maximize your purchasing power (qualify for a larger loan)
You prefer lower required payments with the flexibility to make extra payments when you can
You’re in a high-cost market where the 15-year payment would be unaffordable

Example: $350,000 Loan at 6.0% (15-Year)

For a $350,000 home purchase with 10% down ($35,000 down, $315,000 loan):

Monthly payment: $2,659
Total interest paid: $163,554
Loan paid off by: 2041
Monthly savings vs. 30-year: You pay $692 more per month, but save $238,419 in total interest

Tips for Affording a 15-Year Mortgage

Make a larger down payment to reduce the loan balance and monthly payment
Buy below your maximum budget to keep the 15-year payment comfortable
Maintain an emergency fund of 6+ months of expenses before committing
Consider a 20-year term as a middle ground if 15 years is too aggressive
Factor in all housing costs — taxes, insurance, and maintenance — not just the mortgage payment

Frequently Asked Questions

What is a 15-year mortgage?

A 15-year mortgage is a home loan that is fully repaid over 15 years through fixed monthly payments. It offers a shorter payoff timeline than the traditional 30-year mortgage, resulting in significantly less total interest paid but higher monthly payments.

How much can I save with a 15-year mortgage vs. a 30-year mortgage?

On a $300,000 loan at 6.5%, a 15-year mortgage saves approximately $207,000 in total interest compared to a 30-year mortgage. The 15-year monthly payment is about $2,613 vs. $1,896 for 30 years — roughly $717 more per month, but you own your home free and clear in half the time.

Are interest rates lower on a 15-year mortgage?

Yes, 15-year mortgage rates are typically 0.25% to 0.75% lower than 30-year rates. Lenders offer better rates because shorter loans carry less risk. This rate advantage further increases your interest savings beyond the shorter repayment period.

Who should consider a 15-year mortgage?

A 15-year mortgage is ideal for borrowers who can comfortably afford the higher monthly payment, are focused on building equity quickly, want to be mortgage-free before retirement, or are refinancing with substantial equity. It works well for dual-income households and those with stable, higher incomes.

Can I switch from a 30-year to a 15-year mortgage?

Yes, you can refinance from a 30-year to a 15-year mortgage. This is a popular strategy when interest rates drop or when your income increases. You will likely get a lower interest rate on the 15-year loan, which combined with the shorter term means dramatically less total interest paid.

What are the disadvantages of a 15-year mortgage?

The main disadvantage is higher monthly payments, which reduces your monthly cash flow and may limit how much home you can afford. The higher payments also leave less room for other investments or an emergency fund. If your financial situation changes, the higher payment obligation can create stress.

Compare Other Mortgage Terms

Mortgage Payment Calculator: Calculate payments for any loan term from 10 to 50 years.

40-Year Mortgage Calculator: See how extending to 40 years lowers monthly payments.

50-Year Mortgage Calculator: Explore ultra-long-term mortgage payments.

Interest-Only Mortgage Calculator: Estimate interest-only payments for maximum flexibility.

Mortgage Payoff Calculator: Calculate how extra payments accelerate your payoff.

Mortgage Refinance Calculator: See if refinancing to a 15-year loan saves you money.

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