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15-Year Mortgage Calculator

See what a 15-year fixed mortgage payment looks like — and how much interest a shorter term saves vs a 30-year loan.

Updated April 2026

Monthly payment (PITI)

$3,200

P&I

$2,700

Tax

$400

Insurance

$100

Loan amount: $320,000

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What it does

A 15-year mortgage calculator with full PITI. Shorter term, lower rate (usually 0.5-0.75% below the 30-year), much higher monthly payment, but dramatically less total interest. This is the pragmatic choice if you can stretch into the higher payment comfortably.

On the same $320,000 loan, 15 years at 6.0% costs about $2,700/month but only $166,000 in total interest — less than half of the 30-year path. You own the home outright 15 years sooner. The tradeoff is a ~35% higher monthly payment, which has to fit in your budget without stress.

Example input & output

Input

Home price: $400,000
Down: 20%
Rate: 6.0%
Term: 15 years

Output

P&I: $2,700/mo
Taxes: $400/mo
Insurance: $100/mo
Total PITI: $3,200/mo

Saves roughly $180,000 in total interest vs a 30-year on the same loan.

How to use it

  1. Enter the home price and down payment.
  2. Enter the rate — check for a specific 15-year quote, not a 30-year.
  3. Add property tax rate and annual insurance.
  4. Read the full PITI monthly and compare to the 30-year option.

When to use this tool

  • When monthly cash flow comfortably supports the higher payment.
  • When you want to be mortgage-free faster (approaching retirement, etc.).

When not to use it

  • If the higher payment would crowd out retirement savings or emergency fund.
  • If you need maximum flexibility in tight-budget months.

Common use cases

  • Comparing the two common fixed terms side by side.
  • Deciding if you can absorb the higher 15-year payment.
  • Refinancing from a 30-year into a 15-year to save interest.

Frequently asked questions

Why are 15-year rates lower?
Shorter duration = less risk for the lender. They pass some of that savings to the borrower.
Should I pick a 30-year and pay extra, or a 15-year?
The 15-year forces the discipline and guarantees the savings. The 30-year gives flexibility at a higher total cost. Both are valid; match the choice to your risk tolerance.