Mortgage Calculator
15-Year Mortgage Calculator
A 15-year fixed loan builds equity faster and usually carries a slightly lower rate than a 30-year. The monthly payment is substantially higher. Lock the term here and see whether the cash flow still fits a first-time buyer budget.
Quick Answer: A $300,000 loan at 6.5% costs about $2,613 a month in principal and interest on a 15-year term, versus about $1,896 on a 30-year term. The 15-year path can save well over $100,000 in interest if you keep the loan.
15-year payment
What this result means
Lenders often price 15-year notes a quarter-point or more below 30-year notes. Enter the rate you were actually quoted.
If the 15-year payment crowds out emergency savings or retirement contributions, a 30-year loan with planned extra principal can be the more resilient choice.
Refinance later is not guaranteed. Size the payment you can carry if rates stay high.
Worked example
Worked example: $375,000 price, 20% down, $300,000 loan, 6.25% 15-year. P&I ≈ $2,570. Add tax and insurance for PITI. Over 15 years you pay far less interest than the 6.5% 30-year example on the companion page. Educational only.