15 Year Fixed Mortgage Rates Calculator
Do you want to understand how much your monthly payments would cost with a 15-year fixed-rate mortgage? This calculator can tell you that. The results will include exactly how much you will pay in interest costs for the life of the loan. You may save your results from your calculations as a PDF.
15-Year Fixed Rate Mortgage Online Calculator
Table
| Mortgage Amount: | |
| Interest Rate: | |
| Number of Months to Pay Off: | |
| Additional Principal Per Month: | |
| Monthly Payment: | |
| Total Interest Paid on Mortgage: |
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Amortization Schedule
| Payment | Principal | Interest | Mortgage Balance |
| - | - |
Remaining Loan Balance
Step by Step Instructions for Using the 15 Year Fixed Mortgage Rates Calculator
Please note that some inputs can be either manually entered in the correct box or adjusted using the sliding scale.
- Enter the principal of the mortgage loan that you want.
- Input the interest rate of your mortgage loan offer. It will be represented as an APR (a percentage). The calculator will show exactly how much this represents over the life of the mortgage, in dollars.
- Type in the number of months you intend to pay off the mortgage. This may be the number of months stated in the loan contract; for 15 years, this is 180 months. It may also be smaller if you intend to pay off the mortgage faster. Please note, for a 15-year mortgage, the number of months must be 180 or less.
- Enter any additional principal you intend to pay. It is perfectly fine if you leave this value at $0.
The 15-year fixed mortgage rates calculator is sensitive enough to adjust your results in real time as you input the numbers.
Important Terms and Definitions
- Mortgage Amount – The original amount of the mortgage loan. This may also be known as the principal.
- Interest Rate – The cost of taking on the loan, represented as an annual percentage rate (APR).
- Number of Months to Pay Off – The exact number of months that it will take to repay the mortgage loan. This will vary depending on if you’re adding extra to the monthly agreed payments.
- Additional Principal – An extra expense that may be added to the mortgage loan total. Whether you are granted extra time on the mortgage terms to pay this combined total depends on your loan’s terms.
- Monthly Payment – The amount that you will need to reimburse the lender each month to pay off your mortgage exactly on time. To avoid penalties, this should be done by the due date.
- Total Interest Paid – The precise value of the interest generated over the life of your mortgage.
How to Interpret the 15 Year Fixed Mortgage Rates Calculator Results
The results are presented in three ways. There is a simple bar chart of remaining loan balance versus time, a detailed table and an amortization schedule.
- Bar Chart of Remaining Loan Balance versus Time. This shows how your mortgage will decrease with each payment. Hover your mouse pointer over a given bar to see exactly how much is owed for that month.
- Table. It presents the information as a summary. The table shows your proposed monthly payments and total interest paid, as well as your inputs.
- Amortization Schedule. This is a breakdown of how much of each monthly payment is divided among Principal and interest. The schedule also displays your new mortgage balance after your payment is received.
Worked Examples
Example 1
Let’s say you have a $250,000 mortgage loan, and you are offered an interest rate of 4.0%. Currently, you do not have any additional principal to pay. The inputs would look like this:
Your results would be as shown in the snips below. With a mortgage amount of $250,000 at 4% interest on a 15-year loan, your monthly payment is approximately $1850. Over the life of the loan, you’ll pay almost $83,000 in interest costs.
RESULTS TABLE
AMORTIZATION SCHEDULE
REMAINING LOAN BALANCE CHART
SAVE RESULTS AS PDF
Example 2
You decide to delay purchasing the house by 6 months to work on your credit. At that time, your bank offers you a 3.70% interest rate for the same loan. You will use the following inputs:
RESULTS
This time, your results are as shown. By changing the interest rate, you will gain monthly savings of just under $40. However, you’ll save $6,724.59 in interest.
FAQs About 15 Year Fixed Rate Mortgages
What is a 15-year fixed mortgage?
A 15-year fixed mortgage is a loan with a term of 15 years that has an interest rate that is fixed for the life of the loan. For example, a 15-year mortgage of $300,000 with a 20% down payment and an interest rate of 4% would have a monthly payment of about $1,775 (not including taxes and insurance). And that monthly payment and interest rate will never change for the duration of the loan, unless you refinance with different loan terms.
What type of 15-year fixed mortgage can I get?
There are many options for 15-year fixed mortgages. If your loan meets conforming loan limits, you could get a 15-year fixed conforming loan. If your loan exceed conforming loan limits, you could get a jumbo loan. If you have a lower credit score and lower down payment, you could get a 15-year fixed FHA loan. If you or your spouse is a veteran or active military, you could get a 15-year fixed VA loan.
What are some pros of 15-year fixed mortgages?
The biggest advantage of a 15-year fixed mortgage is that it can help you pay off your home twice as fast as a 30-year fixed mortgage. It can also help you pay significantly less interest over time not only because the interest rate on a 15-year fixed loan is lower than a 30-year fixed loan, but also because you’ll pay less interest over time since you’re borrowing the money for just 15 years, not 30. Additionally, you’ll build equity at a much faster pace with a 15-year loan than with a longer term loan.
What are some cons of 15-year fixed mortgages?
The disadvantage of the 15-year fixed rate mortgage is that the monthly payment is higher than a fixed rate loan with a longer term.
For example, on a 30-year mortgage of $300,000 with a 20% down payment and an interest rate of 3.75%, the monthly payment would be about $1,111 (not including taxes and insurance). But for a 15-year fixed loan with an interest rate of 3%, the payment would be about $1,657. And because the monthly payment can be so much higher than a 30-year loan, it could lower the amount of mortgage you may be able to afford.
How does a 15-year fixed mortgage compare to a 5/1 ARM?
15-year fixed mortgages have a rate that stays the same for the life of the loan, which means your payments will never change. 5/1 ARMs have adjustable rates, which means the rate is fixed for an initial period of 5 years but are adjustable for the remaining loan term. That means your rate and monthly payment could increase every year. If you’re considering an ARM, make sure you understand how much your rate could increase.
