Mortgage Calculator — 15-Year Fixed

What the 15-year trades for

A 15-year fixed amortizes over 180 months instead of 360. The monthly payment is noticeably higher — more than half the 30-year payment, not half, because you are compressing repayment into half the time — but two things improve sharply: you build equity much faster, and you pay a fraction of the total interest.

Lenders also usually price 15-year loans at a lower rate than 30-year loans, which widens the interest savings further. This page pre-fills a 15-year term and a slightly lower rate so the payment-versus-interest trade-off against a 30-year loan is visible side by side.

Who a 15-year fits

The shorter term suits buyers with stable income who can comfortably absorb the higher payment and want to be debt-free sooner — often refinancers or move-up buyers who already hold equity. If the higher payment would strain your budget, a 30-year loan with optional extra principal captures much of the same saving with more flexibility.

Questions

Is the 15-year rate always lower than the 30-year?

Usually, but not always. Lenders generally offer a lower rate on 15-year loans because they are repaid faster and carry less risk, but the exact gap moves with the market. Enter the rate you are actually quoted for the truest comparison.

Why is the 15-year payment more than double a 30-year's principal portion?

Because the balance is repaid in half the time, each payment must retire far more principal. That higher payment is precisely what drives the faster equity and the large interest saving — it is the cost of finishing 15 years sooner.

More ways to use this calculator

Start with the main mortgage calculator or compare the other published scenarios.