15-year fixed mortgage calculator

A 15-year mortgage roughly doubles the monthly payment but cuts lifetime interest by more than half versus a 30-year at the same rate. The trade-off is monthly cash-flow flexibility. Inputs update live; URL is shareable.

Last updated 2026-05-13

Your loan

Home price

$100k$2M

Down payment$97,500

Interest rate30-yr avg: 6.875%

Loan term

15-year fixed

Term locked for this page. Switch term

Taxes & insurance

(optional, but realistic)

State

Sets property tax rate to median for state

Property tax rate

~$305 per month

Homeowner insurance

HOA dues (if any)

PMI required. With 20% down (LTV 80.0%), private mortgage insurance is added at 0.50% of the loan annually — that's $163/month. PMI auto-removes at month 8 (78% LTV, per the Homeowners Protection Act).

Extra payments

(optional — accelerate payoff)

Biweekly paymentsPay half the monthly amount every two weeks (26 half-payments per year ≈ 13 monthly equivalents). Typically saves 4-7 years and tens of thousands in interest on a 30-year loan.

Extra each month

Applied as additional principal every month.

One-time lump sum

Single payment toward principal at the specified month (e.g. tax refund or bonus).

Estimated monthly payment

For a $487,500 home, 20% down, 6.125% APR, 15-year fixed in California.

Where your payment goes

Principal & interest$3,317

Property tax$305

Homeowner insurance$145

PMI$163

Loan amount

$390,000

Total interest

$207,139

Total paid

$597,139

Compare scenarios →

How your balance falls over time

The crossover point — where more of each payment goes to principal than interest — is at year 4.

BalanceInterest paidPrincipal paid

Amortization schedule

Year-by-year breakdown of every payment.

Period	Payment	Principal	Interest	Total interest paid	Balance
Y01Year 1	$39,809	$16,376	$23,433	$23,433	$373,624
Y02Year 2	$39,809	$17,408	$22,401	$45,834	$356,215
Y03Year 3	$39,809	$18,505	$21,304	$67,138	$337,711
Y04Year 4	$39,809	$19,671	$20,139	$87,277	$318,040
Y05Year 5	$39,809	$20,910	$18,899	$106,177	$297,130
Y06Year 6	$39,809	$22,227	$17,582	$123,759	$274,903
Y07Year 7	$39,809	$23,627	$16,182	$139,940	$251,276
Y08Year 8	$39,809	$25,116	$14,693	$154,634	$226,160
Y09Year 9	$39,809	$26,698	$13,111	$167,745	$199,462
Y10Year 10	$39,809	$28,380	$11,429	$179,174	$171,081
Y11Year 11	$39,809	$30,168	$9,641	$188,815	$140,913
Y12Year 12	$39,809	$32,069	$7,741	$196,556	$108,845
Y13Year 13	$39,809	$34,089	$5,720	$202,276	$74,756
Y14Year 14	$39,809	$36,236	$3,573	$205,849	$38,519
Y15Year 15	$39,809	$38,519	$1,290	$207,139	$0

15-year vs 30-year — the trade-off

On a $487,500 home with 20% down, a 30-year at 6.875% is roughly $2,562/month with ~$532k total interest. The same loan as a 15-year at 6.125% jumps to ~$3,313/month (+$751) but lifetime interest drops to ~$206k — over $325k less.

15-year rates are usually 0.5–0.75% lower than 30-year — lenders price the shorter term as lower risk. Verify your scenario in the calculator above. Need to compare both side-by-side? Open the comparison tool.