15-Year Fixed Mortgage Rate Calculator
A popular alternative to the 30-year mortgage. The 15-year fixed offers significantly lower total interest costs with moderately higher monthly payments. Rates are typically 0.25-0.50% lower than 30-year fixed.
= $80,000
Monthly Payment
$2,788
Loan Amount
$320,000
Total Interest
$181,758
Total Cost
$581,758
Payment Breakdown
Down Payment$80,000 (13.8%)
Principal$320,000 (55.0%)
Total Interest$181,758 (31.2%)
Typical Rate
6.5%
fixed for full term
Monthly Payment
$2,788
on $400,000, 20% down
Total Interest
$181,758
over 15 years
Best For
Buyers who can handle higher monthly payments and…
Who Should Choose a 15-Year Fixed Mortgage?
Buyers who can handle higher monthly payments and want to save substantially on interest over the life of the loan.
15-Year Fixed Payments by Home Price
| Home Price | Down (20%) | Monthly P&I | Total Interest | Total Cost |
|---|---|---|---|---|
| $150,000 | $30,000 | $1,045 | $68,159 | $188,159 |
| $200,000 | $40,000 | $1,394 | $90,879 | $250,879 |
| $250,000 | $50,000 | $1,742 | $113,599 | $313,599 |
| $300,000 | $60,000 | $2,091 | $136,318 | $376,318 |
| $350,000 | $70,000 | $2,439 | $159,038 | $439,038 |
| $400,000 | $80,000 | $2,788 | $181,758 | $501,758 |
| $450,000 | $90,000 | $3,136 | $204,478 | $564,478 |
| $500,000 | $100,000 | $3,484 | $227,197 | $627,197 |
| $600,000 | $120,000 | $4,181 | $272,637 | $752,637 |
| $700,000 | $140,000 | $4,878 | $318,076 | $878,076 |
| $750,000 | $150,000 | $5,227 | $340,796 | $940,796 |
| $800,000 | $160,000 | $5,575 | $363,516 | $1,003,516 |
| $900,000 | $180,000 | $6,272 | $408,955 | $1,128,955 |
| $1,000,000 | $200,000 | $6,969 | $454,395 | $1,254,395 |
$400,000 Home — 15-Year Term by Rate
| Rate | Monthly P&I | Total Interest | Total Cost |
|---|---|---|---|
| 5.5% | $2,615 | $150,640 | $470,640 |
| 6% | $2,700 | $166,062 | $486,062 |
| 6.5% | $2,788 | $181,758 | $501,758 |
| 6.75% | $2,832 | $189,708 | $509,708 |
| 7% | $2,876 | $197,725 | $517,725 |
| 7.25% | $2,921 | $205,809 | $525,809 |
| 7.5% | $2,966 | $213,959 | $533,959 |
| 8% | $3,058 | $230,456 | $550,456 |
15-Year Fixed vs 30-Year Fixed Comparison
On a $400,000 home with 20% down:
| 15-Year Fixed | 30-Year Fixed | Difference | |
|---|---|---|---|
| Rate | 6.5% | 7% | -0.50% |
| Monthly Payment | $2,788 | $2,129 | $659 |
| Total Interest | $181,758 | $446,428 | $264,671 |
| Total Cost | $501,758 | $766,428 | $264,671 |
Choosing a 15-Year Fixed saves $264,671 in total interest compared to a 30-year fixed mortgage.