15-Year Mortgage Payment Calculator
PITI on a 15-year fixed mortgage — higher payment, far lower lifetime interest and rapid equity build.
Formula
Disclaimer: Estimates exclude HOA dues, PMI changes, point buy-downs and closing costs unless shown. Confirm with your lender's Loan Estimate. Not financial advice.
Disclaimer: This tool is for general informational and estimation purposes only and is not professional financial, tax, accounting or legal advice. All figures are estimates — verify with a qualified professional before making decisions. Read the full disclaimer.
Need 15-year mortgage payment calculator results fast? Skip the spreadsheet and get a clear, defensible answer in one step — free, private and instant, recalculating live as you change any input.
About 15-Year Mortgage Payment Calculator
The 15-year fixed trades a heavier payment for two structural gifts: a rate typically 0.5–0.75% below the 30-year (lenders price the shorter risk), and an amortization curve that attacks principal from month one. At the defaults — same $400,000 home as our 30-year example, but 5.9% over 15 years — you pay more monthly yet save a six-figure sum of lifetime interest. Equity velocity is the under-appreciated feature: by year five the default 15-year loan has retired roughly a quarter of the principal, where the 30-year has barely dented it — meaningful if you may relocate, refinance, or borrow against equity. The first-year interest share of P&I is far lower too; the schedule above makes the contrast visible. The honest counterargument: the payment gap (~$900 at these defaults) invested monthly in tax-advantaged accounts may out-compound the interest saved, and the 30-year's smaller mandatory payment is resilience in bad years. A popular middle path — take the 30, pay it like a 15 — captures flexibility but forfeits the 15's rate discount. Run both calculators and price the difference honestly.
How to use 15-Year Mortgage Payment Calculator
- 1Enter Home price, Down payment (%), Interest rate (%), Term (years), Property tax (per year) (% of price), Home insurance (per year) into the 15-Year Mortgage Payment Calculator.
- 2The result is computed automatically using Payment = P&I (amortization formula) + property tax/12 + insurance/12 — there is no button to press; it updates live as you type.
- 3Change any input to model a different scenario, then use “Copy result link” to share the exact numbers.
Why use 15-Year Mortgage Payment Calculator?
- ✓Computes 15-year mortgage payment calculator instantly with the correct formula — no spreadsheet needed
- ✓100% free and unlimited, with no sign-up, login or paywall
- ✓Runs entirely in your browser, so the figures you enter are never uploaded or stored
- ✓Shows the formula, a live worked example and references so you can defend the number
Frequently asked questions
How much interest does 15 years save versus 30?+
At the defaults: the 15-year's total interest is less than half the 30-year's — a six-figure difference on a $320,000 loan, helped by both the shorter clock and the ~0.7% rate discount. Run both calculators with your numbers; the 'Total interest' line is the whole argument.
Can I afford the 15-year payment safely?+
Apply the 28% housing rule to the HIGHER payment: the default total (~$3,300) wants roughly $12,000/month gross income. If that's tight, the 30-year with disciplined prepayments is the safer chassis — mandatory obligations should fit bad months, not just good ones.
Is the rate really lower on a 15-year mortgage?+
Consistently — typically 0.5–0.75% below comparable 30-year pricing, because lenders carry less duration and default risk. That discount is the structural edge no prepayment strategy on a 30-year can replicate; you only get it by signing up for the shorter term.
What about a 20-year mortgage instead?+
A sensible compromise: payment between the two, rate usually a notch under the 30. Enter 20 in the term field above to see it. Many refinancers landing mid-loan choose 20 to avoid resetting to a fresh 30 — matching the new term to your remaining payoff horizon.
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