15 Year Fixed Mortgage Calculator – NerdWallet


Taking out a 15-year fixed rate mortgage – or refinancing one – can be a smart move. First of all, you will probably get a lower interest rate. That, combined with a shorter loan term, means you’ll pay much less interest over the life of your loan than you would with longer term mortgages.

And a 15-year mortgage is a much better match for how long homeowners typically stay in a home – just eight years, according to a 2019 report from Attom Data Solutions.

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A 15-year home loan has many advantages, but it offers a higher payment than longer-term mortgages, so you want to be sure that the monthly bill will fit your budget. This is where a 15-year fixed mortgage payment calculator can help.

Run the numbers and see if a 15-year fixed rate mortgage might be right for you.

15-year mortgage calculator

What is a 15 year fixed rate mortgage?

A 15-year fixed rate home loan is a home loan structured to pay off the amount owed over 15 years. A fixed rate means that your interest rate will never change during the life of the loan.

How is a 15-year mortgage calculated?

There are only four steps required to calculate your 15-year mortgage payment, but the more information you provide, the more accurate the result. Here are the steps to take with the NerdWallet 15 Year Mortgage Calculator:

  1. Provide the purchase price of the house.

  2. Enter your expected deposit.

  3. Since you are considering a loan over 15 years, enter “15” as the loan term. You can play around with any number of loan terms to get a feel for how each would affect your monthly payment.

  4. Enter your estimated interest rate.

The results will appear instantly under the calculator entries, in the ‘summary results’, showing a breakdown of the monthly payments as well as more details about the payments and interest.

An important note: If you make a down payment of less than 20%, chances are you’ll pay for mortgage insurance. This is a variable that the 15-year-old calculator does not take into account. Check out our mortgage calculator with PMI to see how private mortgage insurance might affect your payment.

To get a better view of this mortgage interest rate you will be eligible, click on the green box “Get personalized mortgage rates” just above the summary results. Once you’ve determined a custom rate, you can use it to fine-tune the interest rate used to determine your monthly payment in the 15-Year Mortgage Calculator.

How accurate is your monthly mortgage payment estimate?

The results can be improved with just a little more information. Your 15-year mortgage calculation will be more accurate when you provide:

  • The annual property tax due on the property you buy or refinance. (See the “advanced entries” section of the calculator.) For a home you are looking to buy, your real estate agent can provide you with this information.

  • The annual home insurance premium. Again, when making a purchase, you may be able to get it from your real estate agent or your Loan estimate.

  • Monthly contribution from the owners’ association. Your agent probably has that too.

When to consider a 15-year fixed mortgage

A 15-year mortgage can make sense in almost any home buying situation, especially if you’re sure your income won’t go down. There are really few downsides other than the higher payout. You’ll get a lower interest rate up front, save a ton of interest because your loan term is half that of a 30-year loan, and earn equity in your home faster.

And that lower interest rate is locked in for the life of the loan with a fixed rate mortgage. Your rate and monthly principal payment will not change.

What is the 15-year mortgage rate today?

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