15 Year Mortgage Calculator
Price a 15-year fixed mortgage and compare the higher payment against the interest a shorter term saves.
Every figure below is labelled in the currency you pick. Amounts are not converted — enter values in the same currency.
What the shorter term actually buys
On a $288,000 loan the 15-year payment is roughly 45% higher than the 30-year, and it removes about two thirds of the lifetime interest. Fifteen-year rates also tend to run 0.5–0.75 points below thirty-year rates, which widens the gap further.
The argument against
A 30-year mortgage with voluntary extra payments reaches almost the same place with one important difference: in a bad month you can stop. The 15-year commitment is contractual. Households without a solid emergency fund often do better taking the flexibility and paying extra when they can.
The formula
M = P·i·(1+i)^n / ((1+i)^n − 1), where P is the loan amount, i the monthly rate and n the number of payments.
Every result on this page comes from this formula. Nothing is rounded until the final display, so figures match a spreadsheet to the cent.
How to use the 15 Year Mortgage Calculator
- Enter the home price and the cash you plan to put down.
- Add the annual interest rate your lender quoted and the term in years.
- Add yearly property tax, insurance and any monthly HOA dues.
- Read the monthly payment, then open the amortization schedule to see how the split between interest and principal changes over time.
15 Year Mortgage Calculator — frequently asked questions
What is included in a monthly mortgage payment?
A typical payment has four parts, often called PITI: principal, interest, property taxes and homeowners insurance. If you put down less than 20% you will usually also pay private mortgage insurance, and a condo or planned community adds HOA dues.
How much house can I afford?
A common guideline is that housing costs stay under 28% of gross monthly income and total debt payments under 36%. Run the numbers with your own income in the house affordability calculator before you shop.
Does a bigger down payment lower the monthly payment?
Yes. Every extra dollar down reduces the financed balance, so both the payment and the lifetime interest drop. Reaching 20% down also removes private mortgage insurance on a conventional loan.
Is this 15 year mortgage calculator free to use?
Yes. Every calculator on the site is free, needs no sign-up, and runs entirely in your browser, so your figures never leave your device.
How accurate is the result?
The maths is exact for the formula shown on the page. Accuracy in the real world depends on your inputs and on assumptions the formula cannot see, so treat the output as a well-grounded estimate rather than a quote.
This page is a focused version of the Mortgage Calculator, which handles every variation in one place.
What people search for
This page answers each of these searches. They are the exact phrases visitors use to find the 15 year mortgage calculator.
- 15 year mortgage calculator
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About this calculator
Written and reviewed by The Samsung Calculator editorial team. Every calculator is written against a published formula, reviewed against at least one independent reference implementation, and dated when it changes.
Last reviewed August 15, 2026 · Calculation runs client-side · No data collected · Report an error