15-Year Mortgage Calculator
Last updated: August 2026 • Rates reflect Freddie Mac PMMS averages
Use the 15-Year Mortgage Calculator below — modify the values and click Calculate to see your monthly payment.
Loan Summary (15-Year)
30-Year Comparison
Amortization Schedule (Year-by-Year)
| Year | Principal Paid | Interest Paid | Balance Remaining |
|---|
How to Use This 15-Year Mortgage Calculator
- Enter the Home Price — the full purchase price of the property.
- Set your Down Payment — enter the dollar amount you plan to put down. The loan amount is home price minus down payment.
- Enter the Annual Interest Rate — the current national 15-year average is about 6.1% (mid-2026). A 15-year loan usually carries a lower rate than a 30-year.
- Optionally add Property Tax and Home Insurance to see your total out-of-pocket monthly cost.
- Click "Calculate Payment" to see your monthly payment, total interest, payoff date, and a side-by-side comparison with a 30-year mortgage.
15-Year vs 30-Year Mortgage: The Real Difference
The most important number on this page is the total interest saved. Because you repay the loan in half the time, far less interest compounds along the way — and because 15-year loans carry lower rates, the savings stack even higher.
| Factor | 15-Year Mortgage | 30-Year Mortgage |
|---|---|---|
| Monthly Payment ($300K loan) | ~$2,548 | ~$1,956 |
| Total Interest ($300K loan) | ~$159,000 | ~$404,000 |
| Interest Rate (avg. 2026) | ~6.1% | ~6.8% |
| Equity After 5 Years | ~$72,000 | ~$27,000 |
| Years Until Paid Off | 15 | 30 |
Example: On a $320,000 loan at 6.1%, your 15-year payment is $2,718/month with $169,200 in total interest. On the same amount at 6.8% over 30 years, the payment is $2,086/month but total interest balloons to $431,000 — over $261,800 more. The 15-year route is cheaper overall if you can swing the higher monthly payment.
How the 15-Year Payment Is Calculated
15-year mortgages use the same standard amortization formula as any fixed-rate loan:
Where:
M = monthly P&I payment
P = loan principal (home price - down payment)
r = monthly interest rate = (annual rate ÷ 100) ÷ 12
n = total payments = term in years × 12 = 180 for a 15-year loan
For a $320,000 loan at 6.1% for 15 years: r = 0.061/12 = 0.005083, n = 180. Monthly P&I = $320,000 × [0.005083 × (1.005083)^180] / [(1.005083)^180 - 1] = $2,718/month. Total paid over 15 years is $489,200, of which $169,200 is interest.
Frequently Asked Questions
Data sources: Freddie Mac Primary Mortgage Market Survey (PMMS) July 2026, Consumer Financial Protection Bureau (CFPB) mortgage disclosures, HUD FHA Handbook 4000.1. Rates vary by credit score, lender, and loan size. For informational purposes only.
Free Online Calculators
Current Average Mortgage Rates (2026)
| Loan Type | Avg. Rate | Trend |
|---|---|---|
| 30-yr Fixed | 6.80% | ? Stable |
| 20-yr Fixed | 6.50% | ? Stable |
| 15-yr Fixed | 6.10% | ? Easing |
| 5/1 ARM | 6.30% | ? Rising |
| 10-yr Fixed | 6.05% | ? Easing |
Source: Freddie Mac PMMS, July 2026. For informational purposes only.
Related Mortgage Tools
- Mortgage Calculator — full payment breakdown
- Amortization Calculator — full schedule
- Refinance Calculator — break-even math
- Affordability Calculator — how much house?
- Embeddable Mortgage Widget — free code for your site
- Loan Calculator — any loan type
15-Year Mortgage Quick Facts
- 15-year loans carry rates roughly 0.5–0.8% lower than 30-year loans.
- You reach 50% equity in ~8 years, versus ~24 years on a 30-year.
- If rates fall later, you can still refinance — a 15-year to an even shorter term or lower rate.
- Homebuyers near retirement often choose 15-year terms to own free-and-clear by retirement.
- On a $300K loan, a 15-year can save $225,000+ in interest vs a 30-year.