Transparent method
The formula
Worked example
Example inputs
How to interpret the result
A 15 year mortgage sits between the fast payoff of ten years and the payment relief of thirty. On $350,000 at 6.5 percent the payment is about $3,049, and the first month splits into roughly $1,896 of interest and $1,153 of principal, about 38 percent principal. Total interest is about $198,798. Equity builds much faster than on a 30 year loan, which matters if you may sell in the first decade.
Before you rely on it
What to check
Look at how much principal you will have repaid by the time you expect to move. A shorter term makes that number much larger, and it is the part you get back at sale.
The common error
Where people go wrong with 15-year mortgage calculator
Assuming a 15 year loan always beats investing the difference. The answer depends on the interest rate against the return you would really earn after tax and risk.
Sensitivity evidence
How annual mortgage rate changes the monthly principal and interest
| Annual mortgage rate | Monthly principal and interest | Total interest | Total of scheduled payments |
|---|---|---|---|
| 4.5% | $2,677 | $131,946 | $481,946 |
| 5.5% | $2,860 | $164,763 | $514,763 |
| 6.5%worked example | $3,049 | $198,798 | $548,798 |
| 7.5% | $3,245 | $234,018 | $584,018 |
| 8.5% | $3,447 | $270,386 | $620,386 |
Every input, tested
Which input moves the monthly principal and interest most
| Input | Tested from | To | Monthly principal and interest at each end | Swing |
|---|---|---|---|---|
| Mortgage term | 11.0 years | 19.0 years | $3,718 to $2,677 | $1,041 (34%) |
| Mortgage amount | $315,000 | $385,000 | $2,744 to $3,354 | $610 (20%) |
| Annual mortgage rate | 5.5% | 7.5% | $2,860 to $3,245 | $385 (13%) |
Two variables at once
Monthly principal and interest by annual mortgage rate and mortgage amount
| Annual mortgage rate \ Mortgage amount | $280,000 | $350,000 | $420,000 |
|---|---|---|---|
| 4.5% | $2,142 | $2,677 | $3,213 |
| 5.5% | $2,288 | $2,860 | $3,432 |
| 6.5% | $2,439 | $3,049 | $3,659 |
| 7.5% | $2,596 | $3,245 | $3,893 |
| 8.5% | $2,757 | $3,447 | $4,136 |
Step by step
The worked example, input by input
| Input | Value used |
|---|---|
| Mortgage amount | $350,000 |
| Annual mortgage rate | 6.5% |
| Mortgage term | 15.0 years |
| Monthly principal and interest | $3,049 |
| Total interest | $198,798 |
| Total of scheduled payments | $548,798 |
Complete evidence
Full amortization schedule
Show all 180 rows
| Payment | Opening balance | Principal | Interest | Ending balance |
|---|---|---|---|---|
| Payment 1 | $350,000 | $1,153 | $1,896 | $348,847 |
| Payment 2 | $348,847 | $1,159 | $1,890 | $347,688 |
| Payment 3 | $347,688 | $1,166 | $1,883 | $346,522 |
| Payment 4 | $346,522 | $1,172 | $1,877 | $345,350 |
| Payment 5 | $345,350 | $1,178 | $1,871 | $344,172 |
| Payment 6 | $344,172 | $1,185 | $1,864 | $342,987 |
| Payment 7 | $342,987 | $1,191 | $1,858 | $341,796 |
| Payment 8 | $341,796 | $1,197 | $1,851 | $340,599 |
| Payment 9 | $340,599 | $1,204 | $1,845 | $339,395 |
| Payment 10 | $339,395 | $1,210 | $1,838 | $338,184 |
| Payment 11 | $338,184 | $1,217 | $1,832 | $336,967 |
| Payment 12 | $336,967 | $1,224 | $1,825 | $335,744 |
| Payment 13 | $335,744 | $1,230 | $1,819 | $334,513 |
| Payment 14 | $334,513 | $1,237 | $1,812 | $333,277 |
| Payment 15 | $333,277 | $1,244 | $1,805 | $332,033 |
| Payment 16 | $332,033 | $1,250 | $1,799 | $330,783 |
| Payment 17 | $330,783 | $1,257 | $1,792 | $329,525 |
| Payment 18 | $329,525 | $1,264 | $1,785 | $328,261 |
| Payment 19 | $328,261 | $1,271 | $1,778 | $326,991 |
| Payment 20 | $326,991 | $1,278 | $1,771 | $325,713 |
| Payment 21 | $325,713 | $1,285 | $1,764 | $324,428 |
| Payment 22 | $324,428 | $1,292 | $1,757 | $323,137 |
| Payment 23 | $323,137 | $1,299 | $1,750 | $321,838 |
| Payment 24 | $321,838 | $1,306 | $1,743 | $320,533 |
| Payment 25 | $320,533 | $1,313 | $1,736 | $319,220 |
| Payment 26 | $319,220 | $1,320 | $1,729 | $317,900 |
| Payment 27 | $317,900 | $1,327 | $1,722 | $316,573 |
| Payment 28 | $316,573 | $1,334 | $1,715 | $315,239 |
| Payment 29 | $315,239 | $1,341 | $1,708 | $313,898 |
| Payment 30 | $313,898 | $1,349 | $1,700 | $312,549 |
| Payment 31 | $312,549 | $1,356 | $1,693 | $311,193 |
| Payment 32 | $311,193 | $1,363 | $1,686 | $309,830 |
| Payment 33 | $309,830 | $1,371 | $1,678 | $308,460 |
| Payment 34 | $308,460 | $1,378 | $1,671 | $307,082 |
| Payment 35 | $307,082 | $1,386 | $1,663 | $305,696 |
| Payment 36 | $305,696 | $1,393 | $1,656 | $304,303 |
| Payment 37 | $304,303 | $1,401 | $1,648 | $302,902 |
| Payment 38 | $302,902 | $1,408 | $1,641 | $301,494 |
| Payment 39 | $301,494 | $1,416 | $1,633 | $300,078 |
| Payment 40 | $300,078 | $1,423 | $1,625 | $298,655 |
| Payment 41 | $298,655 | $1,431 | $1,618 | $297,224 |
| Payment 42 | $297,224 | $1,439 | $1,610 | $295,785 |
| Payment 43 | $295,785 | $1,447 | $1,602 | $294,338 |
| Payment 44 | $294,338 | $1,455 | $1,594 | $292,884 |
| Payment 45 | $292,884 | $1,462 | $1,586 | $291,421 |
| Payment 46 | $291,421 | $1,470 | $1,579 | $289,951 |
| Payment 47 | $289,951 | $1,478 | $1,571 | $288,473 |
| Payment 48 | $288,473 | $1,486 | $1,563 | $286,986 |
| Payment 49 | $286,986 | $1,494 | $1,555 | $285,492 |
| Payment 50 | $285,492 | $1,502 | $1,546 | $283,989 |
| Payment 51 | $283,989 | $1,511 | $1,538 | $282,479 |
| Payment 52 | $282,479 | $1,519 | $1,530 | $280,960 |
| Payment 53 | $280,960 | $1,527 | $1,522 | $279,433 |
| Payment 54 | $279,433 | $1,535 | $1,514 | $277,898 |
| Payment 55 | $277,898 | $1,544 | $1,505 | $276,354 |
| Payment 56 | $276,354 | $1,552 | $1,497 | $274,802 |
| Payment 57 | $274,802 | $1,560 | $1,489 | $273,242 |
| Payment 58 | $273,242 | $1,569 | $1,480 | $271,673 |
| Payment 59 | $271,673 | $1,577 | $1,472 | $270,096 |
| Payment 60 | $270,096 | $1,586 | $1,463 | $268,510 |
| Payment 61 | $268,510 | $1,594 | $1,454 | $266,915 |
| Payment 62 | $266,915 | $1,603 | $1,446 | $265,312 |
| Payment 63 | $265,312 | $1,612 | $1,437 | $263,701 |
| Payment 64 | $263,701 | $1,620 | $1,428 | $262,080 |
| Payment 65 | $262,080 | $1,629 | $1,420 | $260,451 |
| Payment 66 | $260,451 | $1,638 | $1,411 | $258,813 |
| Payment 67 | $258,813 | $1,647 | $1,402 | $257,166 |
| Payment 68 | $257,166 | $1,656 | $1,393 | $255,510 |
| Payment 69 | $255,510 | $1,665 | $1,384 | $253,845 |
| Payment 70 | $253,845 | $1,674 | $1,375 | $252,171 |
| Payment 71 | $252,171 | $1,683 | $1,366 | $250,488 |
| Payment 72 | $250,488 | $1,692 | $1,357 | $248,796 |
| Payment 73 | $248,796 | $1,701 | $1,348 | $247,095 |
| Payment 74 | $247,095 | $1,710 | $1,338 | $245,384 |
| Payment 75 | $245,384 | $1,720 | $1,329 | $243,665 |
| Payment 76 | $243,665 | $1,729 | $1,320 | $241,936 |
| Payment 77 | $241,936 | $1,738 | $1,310 | $240,197 |
| Payment 78 | $240,197 | $1,748 | $1,301 | $238,450 |
| Payment 79 | $238,450 | $1,757 | $1,292 | $236,692 |
| Payment 80 | $236,692 | $1,767 | $1,282 | $234,925 |
| Payment 81 | $234,925 | $1,776 | $1,273 | $233,149 |
| Payment 82 | $233,149 | $1,786 | $1,263 | $231,363 |
| Payment 83 | $231,363 | $1,796 | $1,253 | $229,567 |
| Payment 84 | $229,567 | $1,805 | $1,243 | $227,762 |
| Payment 85 | $227,762 | $1,815 | $1,234 | $225,947 |
| Payment 86 | $225,947 | $1,825 | $1,224 | $224,122 |
| Payment 87 | $224,122 | $1,835 | $1,214 | $222,287 |
| Payment 88 | $222,287 | $1,845 | $1,204 | $220,442 |
| Payment 89 | $220,442 | $1,855 | $1,194 | $218,587 |
| Payment 90 | $218,587 | $1,865 | $1,184 | $216,723 |
| Payment 91 | $216,723 | $1,875 | $1,174 | $214,848 |
| Payment 92 | $214,848 | $1,885 | $1,164 | $212,962 |
| Payment 93 | $212,962 | $1,895 | $1,154 | $211,067 |
| Payment 94 | $211,067 | $1,906 | $1,143 | $209,162 |
| Payment 95 | $209,162 | $1,916 | $1,133 | $207,246 |
| Payment 96 | $207,246 | $1,926 | $1,123 | $205,319 |
| Payment 97 | $205,319 | $1,937 | $1,112 | $203,383 |
| Payment 98 | $203,383 | $1,947 | $1,102 | $201,435 |
| Payment 99 | $201,435 | $1,958 | $1,091 | $199,478 |
| Payment 100 | $199,478 | $1,968 | $1,081 | $197,509 |
| Payment 101 | $197,509 | $1,979 | $1,070 | $195,530 |
| Payment 102 | $195,530 | $1,990 | $1,059 | $193,540 |
| Payment 103 | $193,540 | $2,001 | $1,048 | $191,540 |
| Payment 104 | $191,540 | $2,011 | $1,038 | $189,529 |
| Payment 105 | $189,529 | $2,022 | $1,027 | $187,506 |
| Payment 106 | $187,506 | $2,033 | $1,016 | $185,473 |
| Payment 107 | $185,473 | $2,044 | $1,005 | $183,429 |
| Payment 108 | $183,429 | $2,055 | $994 | $181,374 |
| Payment 109 | $181,374 | $2,066 | $982 | $179,307 |
| Payment 110 | $179,307 | $2,078 | $971 | $177,229 |
| Payment 111 | $177,229 | $2,089 | $960 | $175,141 |
| Payment 112 | $175,141 | $2,100 | $949 | $173,040 |
| Payment 113 | $173,040 | $2,112 | $937 | $170,929 |
| Payment 114 | $170,929 | $2,123 | $926 | $168,806 |
| Payment 115 | $168,806 | $2,135 | $914 | $166,671 |
| Payment 116 | $166,671 | $2,146 | $903 | $164,525 |
| Payment 117 | $164,525 | $2,158 | $891 | $162,367 |
| Payment 118 | $162,367 | $2,169 | $879 | $160,198 |
| Payment 119 | $160,198 | $2,181 | $868 | $158,017 |
| Payment 120 | $158,017 | $2,193 | $856 | $155,824 |
| Payment 121 | $155,824 | $2,205 | $844 | $153,619 |
| Payment 122 | $153,619 | $2,217 | $832 | $151,402 |
| Payment 123 | $151,402 | $2,229 | $820 | $149,174 |
| Payment 124 | $149,174 | $2,241 | $808 | $146,933 |
| Payment 125 | $146,933 | $2,253 | $796 | $144,680 |
| Payment 126 | $144,680 | $2,265 | $784 | $142,415 |
| Payment 127 | $142,415 | $2,277 | $771 | $140,137 |
| Payment 128 | $140,137 | $2,290 | $759 | $137,847 |
| Payment 129 | $137,847 | $2,302 | $747 | $135,545 |
| Payment 130 | $135,545 | $2,315 | $734 | $133,230 |
| Payment 131 | $133,230 | $2,327 | $722 | $130,903 |
| Payment 132 | $130,903 | $2,340 | $709 | $128,563 |
| Payment 133 | $128,563 | $2,352 | $696 | $126,211 |
| Payment 134 | $126,211 | $2,365 | $684 | $123,846 |
| Payment 135 | $123,846 | $2,378 | $671 | $121,468 |
| Payment 136 | $121,468 | $2,391 | $658 | $119,077 |
| Payment 137 | $119,077 | $2,404 | $645 | $116,673 |
| Payment 138 | $116,673 | $2,417 | $632 | $114,256 |
| Payment 139 | $114,256 | $2,430 | $619 | $111,826 |
| Payment 140 | $111,826 | $2,443 | $606 | $109,383 |
| Payment 141 | $109,383 | $2,456 | $592 | $106,926 |
| Payment 142 | $106,926 | $2,470 | $579 | $104,457 |
| Payment 143 | $104,457 | $2,483 | $566 | $101,974 |
| Payment 144 | $101,974 | $2,497 | $552 | $99,477 |
| Payment 145 | $99,477 | $2,510 | $539 | $96,967 |
| Payment 146 | $96,967 | $2,524 | $525 | $94,443 |
| Payment 147 | $94,443 | $2,537 | $512 | $91,906 |
| Payment 148 | $91,906 | $2,551 | $498 | $89,355 |
| Payment 149 | $89,355 | $2,565 | $484 | $86,790 |
| Payment 150 | $86,790 | $2,579 | $470 | $84,211 |
| Payment 151 | $84,211 | $2,593 | $456 | $81,619 |
| Payment 152 | $81,619 | $2,607 | $442 | $79,012 |
| Payment 153 | $79,012 | $2,621 | $428 | $76,391 |
| Payment 154 | $76,391 | $2,635 | $414 | $73,756 |
| Payment 155 | $73,756 | $2,649 | $400 | $71,107 |
| Payment 156 | $71,107 | $2,664 | $385 | $68,443 |
| Payment 157 | $68,443 | $2,678 | $371 | $65,765 |
| Payment 158 | $65,765 | $2,693 | $356 | $63,072 |
| Payment 159 | $63,072 | $2,707 | $342 | $60,365 |
| Payment 160 | $60,365 | $2,722 | $327 | $57,643 |
| Payment 161 | $57,643 | $2,737 | $312 | $54,906 |
| Payment 162 | $54,906 | $2,751 | $297 | $52,155 |
| Payment 163 | $52,155 | $2,766 | $283 | $49,389 |
| Payment 164 | $49,389 | $2,781 | $268 | $46,607 |
| Payment 165 | $46,607 | $2,796 | $252 | $43,811 |
| Payment 166 | $43,811 | $2,812 | $237 | $40,999 |
| Payment 167 | $40,999 | $2,827 | $222 | $38,172 |
| Payment 168 | $38,172 | $2,842 | $207 | $35,330 |
| Payment 169 | $35,330 | $2,858 | $191 | $32,473 |
| Payment 170 | $32,473 | $2,873 | $176 | $29,600 |
| Payment 171 | $29,600 | $2,889 | $160 | $26,711 |
| Payment 172 | $26,711 | $2,904 | $145 | $23,807 |
| Payment 173 | $23,807 | $2,920 | $129 | $20,887 |
| Payment 174 | $20,887 | $2,936 | $113 | $17,951 |
| Payment 175 | $17,951 | $2,952 | $97 | $15,000 |
| Payment 176 | $15,000 | $2,968 | $81 | $12,032 |
| Payment 177 | $12,032 | $2,984 | $65 | $9,048 |
| Payment 178 | $9,048 | $3,000 | $49 | $6,049 |
| Payment 179 | $6,049 | $3,016 | $33 | $3,032 |
| Payment 180 | $3,032 | $3,032 | $16 | $0.00 |
Where the inputs come from
Enter the loan amount and the rate you were quoted for a 15-year fixed loan. Fifteen-year rates are normally below 30-year rates, so use the lender's figure, not the 30-year rate. Do not enter taxes or insurance here; the tool shows principal and interest only, so add escrow items when comparing with a budget.
When the result stops applying
Shorter terms qualify you on a higher payment, which may reduce the price you can afford. If you refinance from a 30-year loan already several years in, the new 15-year clock is shorter than the remaining time, which makes the comparison with staying put less obvious. Closing costs on the refinance still need to be recovered.
What to compare it with
Set the payment against your budget and the other terms. The 15- versus 30-year calculator does the comparison in one place and the 20-year page fills the gap. If your rate is much lower on 15 years, the savings are larger than the example shows. If you are refinancing, count the closing costs against the interest saved, and look at how many years remain on your current loan rather than the original term.
People also ask
Frequently asked questions
Is the 15-year mortgage worth the higher payment?
If the payment fits, the interest savings are large. If it strains the budget, the 30-year loan with extra payments offers flexibility.
What is the rate difference versus 30 years?
Lenders typically price 15-year loans below 30-year loans because they are repaid faster and carry less long-term rate risk. The size of the gap moves with the market, so ask for both quotes on the same day before comparing.
Can I switch from 30 to 15 years?
You can only switch terms by refinancing into a new 15-year loan, which brings new closing costs and a new application. Check that the interest you save over the shorter term is larger than those costs before starting the process.