Use this 15-year mortgage calculator to estimate your monthly principal and interest payment based on your home price, down payment, and interest rate. Explore how a shorter repayment period affects your monthly budget and helps you pay off your home loan sooner.
How a 15-Year Mortgage Works
A 15-year mortgage is repaid through 180 monthly payments. Compared with a longer-term mortgage, it generally requires higher monthly payments but can reduce the total interest you pay over the life of the loan.
Understand Your Mortgage Results
- Monthly payment: Your estimated monthly principal and interest payment.
- Principal paid: The amount that reduces your outstanding loan balance during the selected year.
- Interest paid: The interest charged during that year.
- Remaining balance: The estimated loan amount still owed at the end of the selected year.
Choose a year from the amortization breakdown to see your estimated principal paid, interest paid, and remaining balance.
How Your Mortgage Inputs Affect Payments
Home price and down payment: Your down payment reduces the amount you borrow. Try different upfront amounts with our down payment calculator to compare loan scenarios.
Interest rate: A higher mortgage rate generally increases both your monthly payment and total borrowing costs. Learn how mortgage rates work before comparing lender offers.
Loan term: A 15-year mortgage typically has higher monthly payments than a 30-year loan, but you repay the balance sooner and generally pay less interest over the full term. Compare the results with our 10-year mortgage calculator or 30-year mortgage calculator to see how repayment periods affect affordability.
What This Mortgage Estimate Includes
This calculator estimates principal and interest only. It does not include property taxes, homeowners insurance, private mortgage insurance (PMI), homeowners association fees, or closing costs. Your actual monthly housing expenses may be higher.
Use your results to compare mortgage options and decide whether the payment fits your budget. Consider both the monthly commitment and the total cost of borrowing before choosing a loan term.
Frequently Asked Questions
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Disclaimer
MortgageRatesChecker provides educational mortgage calculators, loan tools, and financial guides designed to help you better understand home financing. Our content is researched, fact-checked, and regularly updated in accordance with our Editorial Policy, using trusted information from our Data Sources and transparent methodologies explained in How We Calculate. Learn more about our commitment to accuracy on Why Trust Us. This content is provided for informational purposes only and should not be considered financial, legal, tax, investment, or mortgage advice. Mortgage rates, lending requirements, loan programs, and regulations may change without notice. Before making any borrowing, refinancing, or home-buying decision, consult your Bank or Mortgage Lender, licensed financial advisor, tax professional, or attorney based on your individual circumstances. MortgageRatesChecker is an independent educational resource and is not a lender, mortgage broker, financial advisor, or government agency. Please review our Affiliate Disclosure, Advertiser Disclosure, Disclaimer, and Terms & Conditions for additional information.
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October 15, 2026
October 15, 2026
