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15-year mortgage calculator
Estimate your monthly payment, total interest, and payoff schedule before you talk to a lender. The math runs in your browser. This is an educational estimate, not a loan offer.
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Calculate your payment
After this estimate
This figure is principal and interest only — not a lender quote. Next steps that stay on this site:
- Replace the APR with the rate on a written offer you actually have.
- See what extra principal payments change
- Why the real mortgage bill can be higher (PITI)
No lending partners are currently listed. To compare offers, ask two or more lenders (for example, banks, credit unions, and online lenders) for their official disclosures. For most mortgages that is a Loan Estimate. Then compare the APRs for the same loan amount and term. Disclosure.
Amortization schedule
Month-by-month principal, interest, and remaining balance.
| Month | Payment | Principal | Interest | Balance |
|---|
Intro
A 15-year fixed-rate mortgage is paid off in 180 monthly payments. The required payment is higher than on a 30-year loan, but the balance falls much faster, so you usually pay far less total interest. Use this calculator to estimate the principal-and-interest payment, total interest, and full amortization schedule for a 15-year loan.
How to use it
- Loan amount: the amount you will borrow (purchase price minus down payment, plus any financed costs).
- Interest rate: use the rate from your quote or Loan Estimate. The number that loads with the page is an illustration only. Lenders often quote 15-year loans at a different rate than 30-year loans, so get a quote for each term. Freddie Mac's weekly Primary Mortgage Market Survey (freddiemac.com/pmms) publishes national averages for both terms, but those are not a quote.
- Term: 15 years is pre-filled. You can change it to compare other terms.
- Extra monthly payment (optional): see how much sooner the loan would be paid off with a fixed extra amount each month.
What the results mean
- Estimated monthly payment: principal and interest only. Taxes, homeowners insurance, PMI, and HOA dues are not included. See mortgage PITI.
- Total interest: the interest you would pay over 15 years with on-time payments. Compare it with the same loan in the 30-year mortgage calculator to see the tradeoff between monthly cost and total cost.
- Amortization schedule: because the term is shorter, even the first payments put a meaningful share toward principal. That is why equity builds faster. Watch the balance column: after five years, it is noticeably lower than it would be on a 30-year loan of the same size.
One way to compare: run the 30-year calculator with an extra monthly payment equal to the difference between the two payments, then compare payoff dates and total interest. Our 15-year vs. 30-year guide walks through a worked example.
FAQ
- Why is the 15-year payment so much higher? You repay the same principal in half the number of months. Interest is lower overall, but each payment has to cover more principal.
- Is a 15-year mortgage right for me? That depends on your budget, savings, and goals. This calculator shows the math. It does not make a recommendation.
- Does this include closing costs? No. Closing costs and points are paid at closing and are shown on your Loan Estimate.
- Can I use this for a refinance? Yes, for the payment math. Enter the new loan amount, rate, and term. It does not calculate whether refinancing pays off after fees.
CTA
Enter your loan amount and quoted rate above to see your 15-year payment, then compare it with 30 years.
Sources (checked 2026-09-25)
- Freddie Mac, Primary Mortgage Market Survey: https://www.freddiemac.com/pmms
- CFPB, "What is a Loan Estimate?" (last reviewed Aug 9, 2024): https://www.consumerfinance.gov/ask-cfpb/what-is-a-loan-estimate-en-1995/
Disclaimer
Estimates only. This page is educational and is not financial, lending, legal, or tax advice. Figures come from the numbers you enter and cover principal and interest only. Your actual loan terms depend on the lender, your credit, and costs such as property taxes, homeowners insurance, PMI, and fees. Before you borrow, get a Loan Estimate or other official disclosure from each lender and compare them. MyLoanCalculator.app is not a lender and does not make loan offers.