15-year mortgage calculator
This 15-year mortgage calculator shows the payment, total interest and schedule for a 15-year fixed-rate mortgage.
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $13,683.05 | $18,513.91 | $306,316.95 |
| 2 | $14,512.52 | $17,684.44 | $291,804.43 |
| 3 | $15,392.31 | $16,804.65 | $276,412.12 |
| 4 | $16,325.43 | $15,871.53 | $260,086.69 |
| 5 | $17,315.10 | $14,881.86 | $242,771.59 |
| 6 | $18,364.79 | $13,832.17 | $224,406.80 |
| 7 | $19,478.08 | $12,718.88 | $204,928.72 |
| 8 | $20,658.87 | $11,538.09 | $184,269.85 |
| 9 | $21,911.26 | $10,285.70 | $162,358.59 |
| 10 | $23,239.56 | $8,957.40 | $139,119.03 |
| 11 | $24,648.38 | $7,548.58 | $114,470.65 |
| 12 | $26,142.61 | $6,054.35 | $88,328.04 |
| 13 | $27,727.44 | $4,469.52 | $60,600.60 |
| 14 | $29,408.32 | $2,788.64 | $31,192.28 |
| 15 | $31,192.28 | $1,005.84 | $0.00 |
Who chooses a 15-year mortgage
The 15-year loan is the classic fast-payoff mortgage: rates are usually lower than 30-year rates and equity builds quickly. Buyers who can handle the higher payment often choose it to be mortgage-free before retirement or before children reach college age.
15-year facts for a $320,000 loan
At 5.9%, a 15-year loan on $320,000 costs $2,683.08 a month. Interest totals $162,956, or 51% of the loan, and half the principal is repaid after about 9.2 years.
$320,000 loan: 15-year vs 30-year
On a $320,000 mortgage, a 30-year loan at 5.9% costs $1,898.04 a month in principal and interest and $363,291 in total interest. A 15-year loan at a rate about 0.6 points lower costs $2,580.83 a month, $682.79 more, but cuts the interest to $144,549, saving $218,742. The right choice depends on whether the higher payment fits your budget with room to spare.
| Loan | Principal & interest | Total interest | Total paid |
|---|---|---|---|
| 10-year at 5.3% | $3,441.21 | $92,946 | $412,946 |
| 15-year at 5.3% | $2,580.83 | $144,549 | $464,549 |
| 20-year at 5.3% | $2,165.25 | $199,660 | $519,660 |
| 30-year at 5.9% | $1,898.04 | $363,291 | $683,291 |
What each 5.9% ± 1 point does to the payment
A one-point change in your mortgage rate moves the payment on $320,000 by roughly $175.31 a month and the lifetime interest by about $31,555 over 15 years. That is why it pays to compare several lenders on the same day.
| Rate | Principal & interest | Total interest | Difference vs 5.9% |
|---|---|---|---|
| 4.9% | $2,513.90 | $132,503 | −$30,453 |
| 5.4% | $2,597.72 | $147,589 | −$15,367 |
| 5.9% | $2,683.08 | $162,956 | +$0 |
| 6.4% | $2,769.98 | $178,597 | +$15,642 |
| 6.9% | $2,858.39 | $194,510 | +$31,555 |
Down payment and PMI on a $400,000 home
With less than 20% down, lenders charge private mortgage insurance (PMI), commonly 0.3% to 1.5% of the loan per year. This page assumes 0.6%. PMI usually ends when you reach 80% of the home's original value, which you can reach sooner with extra payments.
| Down payment | Loan amount | PMI / month | Total monthly payment |
|---|---|---|---|
| 5% ($20,000) | $380,000 | $190.00 | $3,867.83 |
| 10% ($40,000) | $360,000 | $180.00 | $3,690.14 |
| 20% ($80,000) | $320,000 | $0.00 | $3,174.75 |
What income does a $400,000 home need?
Lenders often look at a front-end ratio of about 28% of gross income for housing costs. A total payment of $3,174.75 implies a gross income near $136,000 a year, and lenders also weigh your other debts, which usually must keep total payments under about 36% to 43% of income.
In the first year, $18,514 of your payments goes to interest and only $13,683 to principal, so equity builds slowly at first.
How fast you build equity
Equity here is the home price minus the loan balance, assuming the price stays flat. Appreciation, if any, would add to it.
| After | Loan balance | Principal repaid | Equity (flat value) |
|---|---|---|---|
| 5 years | $242,772 | $77,228 | $157,228 |
| 10 years | $139,119 | $180,881 | $260,881 |
Frequently asked questions
What is the monthly payment on a $320,000 mortgage?
At 5.9% over 15 years, principal and interest on $320,000 is $2,683.08. With the estimated tax, insurance, HOA and PMI above, the total comes to about $3,174.75 a month.
What is included in a monthly mortgage payment?
Principal and interest are the loan itself. Many lenders also collect property tax and homeowners insurance in escrow, and charge PMI if your down payment is under 20%. HOA dues are paid separately.
How can I pay off my mortgage faster?
Add extra principal each month, make one extra payment a year, or refinance to a shorter term. Use the extra payment field above to see the interest you would save.
Are these numbers a loan offer?
No. They are estimates from standard formulas. Your lender’s quote can differ because of fees, rounding, escrow and your credit profile.
Related calculators
Estimates from standard loan formulas, not a loan offer or financial advice. Example rates are assumptions: use your own quote.