15-Year Fixed Mortgage Payment Calculator
Calculate your 15-year mortgage payment and see how much you save vs a 30-year loan. View amortization schedule and total interest costs.
How This Calculator Works
Calculation methodology and assumptions
A 15-year fixed mortgage uses the same amortization formula as a 30-year but with n=180 payments. Higher monthly payments mean more goes to principal each month, resulting in significantly less total interest paid — typically 50-60% less than a 30-year loan. Rates for 15-year mortgages are usually 0.5-0.75% lower than 30-year rates.
Frequently Asked Questions
How much more is a 15-year vs 30-year mortgage payment?
A 15-year mortgage payment is typically 40-50% higher than a 30-year payment. On a $280,000 loan, a 30-year at 7% is $1,863/month vs a 15-year at 6.25% at $2,400/month — but you save over $200,000 in total interest.
Who should get a 15-year mortgage?
A 15-year mortgage is ideal if you can comfortably afford higher payments, want to build equity faster, are refinancing, or are close to retirement and want to be debt-free sooner.