15-Year Fixed Mortgage Calculator
Understanding your mortgage payments is crucial when considering a 15-year fixed mortgage. This calculator helps you determine your monthly payments and total interest paid over the life of your loan.
How to Use This Calculator
- Enter your loan amount, interest rate, and loan term.
- Click ‘Calculate’ to see your monthly payment and total interest.
- Use the interactive chart to visualize your loan balance and interest paid over time.
Formula & Methodology
The formula used to calculate your monthly mortgage payment is:
M = P [ i(1 + i)^n ] / [ (1 + i)^n — 1 ]
Where:
- M = monthly payment
- P = principal loan amount
- i = monthly interest rate
- n = number of months
Real-World Examples
Data & Statistics
| Loan Amount | Interest Rate | 15-Year Fixed | 30-Year Fixed |
|---|---|---|---|
| $200,000 | 3.5% | $1,479 | $1,074 |
| $300,000 | 3.5% | $2,218 | $1,611 |
Expert Tips
- Consider refinancing to a 15-year fixed mortgage if you can afford the higher payments.
- Use this calculator to estimate your total interest paid and adjust your loan term or amount as needed.
Interactive FAQ
What is a 15-year fixed mortgage?
A 15-year fixed mortgage has a fixed interest rate and a 15-year repayment term. Your monthly payments remain the same throughout the life of the loan.
For more information, see the CFPB’s guide on mortgages and the Investopedia’s explanation of 15-year mortgage rates.