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15-Year Mortgage Calculator

Pay off a home in half the time. This calculator starts at Freddie Mac's 15-year average, 6.6% for the week of Oct 1, 2026, and includes taxes, insurance and PMI.

Freddie Mac's 15-year average for Oct 1, 2026. Enter the rate you're quoted.

First Payment

Your schedule and payoff date count from this month.

Purchase + Loan Cost: $517,613.33
Loan Principal: $280,000.00
Interest: $161,813.33
Down Payment: $70,000.00
Closing Costs: $5,800.00
Monthly Payment$2,929.52
Total Loan Payments$441,813.33
Payoff DateOctober 2041
Principal & Interest
$2,454.52 (84%)
Property Tax
$350.00 (12%)
Home Insurance
$125.00 (4%)
Consider paying an extra . You could save $25,895.51 in interest and pay off your loan 2 yrs, 1 mo sooner.

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Estimates for informational purposes only — not financial advice.

Compare scenarios

Pin the numbers on screen, change any input, and see them side by side.

How a 15-Year Mortgage Compares

A 15-year fixed mortgage repays the loan in half the time of a 30-year one, so the payment is higher but far less interest builds up. Fifteen-year loans also tend to carry lower rates: Freddie Mac's survey for the week of Oct 1, 2026 put the 15-year average at 6.6% and the 30-year at 7.28%. On a $280,000 loan at those rates, the 15-year payment is $2,454.52 a month, $539 more than the 30-year's $1,915.79, and total interest is about $161,814 instead of $409,686. Use this calculator to see your own payment with property tax, insurance and PMI, or compare it with the 30-year mortgage calculator.

How this calculator works

Estimates the full monthly payment on a 15-year fixed mortgage (principal and interest, property tax, home insurance, HOA dues and mortgage insurance) plus closing costs, total interest and how extra payments move your payoff date.

How it calculates

  1. Loan amount = price − down payment. An FHA loan adds HUD's upfront premium, 1.75% of that amount, and financed closing costs are added too.
  2. Principal and interest use the standard amortization formula at your rate ÷ 12 over the term in months.
  3. Property tax is your percentage of the price, mill rate (dollars per $1,000 of price) or dollar amount, ÷ 12. Insurance is the yearly premium ÷ 12, and HOA dues are added as entered.
  4. A conventional loan above 80% of the price adds PMI: your PMI rate × the loan amount ÷ 12. The results show when you can ask to cancel it (your balance reaches 80% of the original value) and when it ends on its own (the original schedule reaches 78%, or the loan's midpoint).
  5. An FHA loan adds HUD's annual premium on the base loan instead, at HUD's rate for the term, loan size and down payment: on a loan over 15 years and up to $726,200, 0.55% a year with less than 5% down and 0.5% with 5% or more. It lasts 11 years with 10% or more down, otherwise for the life of the loan.
  6. Closing costs = the origination fee (a percentage of the loan) plus the appraisal, title and other fees.
  7. Pay off by a set year searches for the smallest recurring extra payment, to the cent, whose schedule ends by December of that year. It keeps any other extra payments you entered and runs the same schedule as the results, so the PMI dates and the savings match them.
  8. The starting rate is Freddie Mac's weekly 15-year average: 6.6% for the week of Oct 1, 2026. Enter the rate you are quoted.

What it assumes

  • A fixed rate, with tax, insurance and HOA amounts that stay the same every year. In practice they usually rise.
  • PMI as a flat yearly rate on the loan amount, 0.75% unless you change it. That is an estimate; your lender's quote depends on your credit and down payment.
  • FHA's annual premium on the original base loan. HUD works it out on each year's average balance, so later years are slightly overstated here.
  • The starting rate is a national average for borrowers with 20% down and strong credit. Enter the rate you are quoted.
  • Above the 2026 national limits ($832,750 conforming, $541,287 FHA), whether a loan fits depends on the county; the ZIP lookup shows your county's limit.

Sources

Copy and figures last reviewed .

How we build and check all our calculators

Frequently Asked Questions

Is a 15-year or 30-year mortgage better?

Neither is better for everyone. A 15-year loan saves the most interest and builds equity fastest, but its higher payment leaves less room for savings, emergencies and other goals. A 30-year loan costs more over time but keeps the required payment low, and you can still pay it down early. If the 15-year payment fits your budget with an emergency fund intact, it is the cheaper loan; if it would stretch you, a 30-year loan with extra payments is the safer choice.

How much interest does a 15-year mortgage save?

A lot, because the balance falls twice as fast and the rate is usually lower. At Freddie Mac's averages for the week of Oct 1, 2026, a $280,000 loan costs about $161,814 in interest over 15 years at 6.6%, against $409,686 over 30 years at 7.28%. Enter your own price, down payment and rate above to see your exact total.

Can I pay off a 30-year mortgage in 15 years?

You can come close by paying extra every month. Because the 30-year rate is higher, paying the 15-year payment on a 30-year loan takes a little longer than 15 years: at the averages above, $2,454.52 a month on a $280,000 loan at 7.28% pays it off in 16 years and 3 months. What you gain is flexibility, since you can drop back to the lower required payment in a tight month. Model it in the mortgage calculator with a recurring extra payment.

How does mortgage insurance work on a 15-year loan?

Conventional PMI ends on its own when the original schedule reaches 78% of the home's original value, and a 15-year schedule gets there much sooner, so you pay it for fewer months. FHA loans of 15 years or less pay a lower annual premium: on loans up to $726,200, 0.15% a year with 10% or more down and 0.4% with less, against 0.55% on a 30-year loan with the minimum down payment.

Term Definitions

Purchase Price

This is the agreed-upon price of the property between the buyer and the seller. It is the starting point for most mortgage calculations, as the loan amount is typically the purchase price minus the down payment.

Down Payment

A down payment is the amount of money you pay upfront when purchasing a home, and it is not part of the loan. It can be expressed as a fixed dollar amount or a percentage of the purchase price. A larger down payment can result in a lower interest rate and monthly payment, and may help you avoid private mortgage insurance (PMI).

Loan Type

Conventional loans are not insured by the federal government, while FHA loans are. FHA allows as little as 3.5% down and lower credit scores, but charges mortgage insurance set by HUD: 1.75% of the loan upfront (usually financed) plus an annual premium, which lasts for the life of the loan with less than 10% down. Conventional loans charge private mortgage insurance (PMI) only while the loan is above 80% of the home's value.

Interest Rate

The interest rate is the percentage of the principal that a lender charges for borrowing money. It is typically expressed as an annual rate. A lower interest rate will result in lower monthly payments and less total interest paid over the life of the loan.

Loan Term (Years)

The loan term is the duration over which the loan is scheduled to be repaid. Common loan terms are 15 or 30 years for mortgages, or 3-7 years for personal or auto loans. A longer term usually means lower monthly payments but more total interest paid.

Extra Monthly Payment

Making an extra payment each month, in addition to your required monthly payment, can significantly reduce your loan's total cost. This extra amount is applied directly to the principal, which helps you pay off the loan sooner and save on interest.

Pay Off by a Set Year

Pick the year you want the mortgage gone and the calculator works out the smallest recurring extra payment, to the cent, that has it paid off by the end of that year. It keeps any other extra payments you entered, and shows the interest and mortgage insurance the extra saves compared with no extra payments, and can make it your recurring extra in one step.

Origination Fee (%)

An origination fee is an upfront fee charged by a lender to process a new loan application. It is typically a percentage of the total loan amount and is sometimes negotiable.

Closing Costs

Closing costs are fees associated with completing a real estate transaction. They typically range from 2% to 5% of the home's purchase price and can include appraisal fees, title insurance, attorney fees, and more. These costs are paid at closing, when the title of the property is transferred to the buyer.

Appraisal Fee

An appraisal fee pays for a professional appraiser to estimate the fair market value of a property. Lenders require an appraisal to ensure that the loan amount is not more than the value of the home.

Title Insurance

Title insurance is a policy that protects both lenders and buyers from financial loss due to defects in a property's title, such as outstanding liens or ownership disputes. It is a one-time fee paid at closing.

Other Fees

This category can include various miscellaneous fees required at closing, such as attorney fees, recording fees (for public records), or survey fees. It's a catch-all for costs not covered by other specific fields.

Property Tax

Property taxes are levied by local governments and are typically based on the assessed value of your home. These taxes fund public services like schools, police, and fire departments. They can be paid annually or escrowed as part of your monthly mortgage payment. You can input this as a dollar amount, a percentage of the purchase price, or as a mill rate.

Annual Home Insurance

Homeowners insurance is a policy that protects your property against damages from events like fire, theft, or storms. Lenders require this insurance to protect their investment. The cost is typically paid annually or escrowed into your monthly mortgage payment.

Monthly HOA Fees

Homeowners association (HOA) fees are monthly dues paid by homeowners in a condominium or planned community. These fees cover the maintenance of common areas and other shared amenities.

PMI Rate (%)

Private mortgage insurance (PMI) protects the lender when you borrow more than 80% of the home's value. It typically costs 0.3% to 1.5% of the loan amount per year, charged monthly, with better credit earning lower rates. PMI ends automatically when your original payment schedule reaches 78% of the home's original value. Extra payments don't move that date, but they bring forward the point where your balance reaches 80%, when you can ask your lender to cancel it.

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