15-Year vs 30-Year Mortgage Calculator
Mortgage Calculator with Amortization Schedule
Calculate your total monthly mortgage payment including principal, interest, taxes, insurance, and PMI with full amortization schedule export.
Shortens loan term & saves interest
Monthly Payment Breakdown
Principal & Interest: $2,665.89 • Taxes: $400 • Insurance: $100
| Period | Payment | Principal | Interest | Total Interest | Balance |
|---|---|---|---|---|---|
| Year 1 | $31,990.68 | $13,793.52 | $18,197.16 | $18,197.16 | $306,206.48 |
| Year 2 | $31,990.68 | $14,615.16 | $17,375.52 | $35,572.68 | $291,591.32 |
| Year 3 | $31,990.68 | $15,485.75 | $16,504.93 | $52,077.61 | $276,105.57 |
| Year 4 | $31,990.68 | $16,408.19 | $15,582.49 | $67,660.1 | $259,697.38 |
| Year 5 | $31,990.68 | $17,385.57 | $14,605.11 | $82,265.21 | $242,311.81 |
| Year 6 | $31,990.68 | $18,421.17 | $13,569.51 | $95,834.72 | $223,890.64 |
| Year 7 | $31,990.68 | $19,518.48 | $12,472.2 | $108,306.92 | $204,372.16 |
| Year 8 | $31,990.68 | $20,681.14 | $11,309.54 | $119,616.46 | $183,691.02 |
| Year 9 | $31,990.68 | $21,913.05 | $10,077.63 | $129,694.09 | $161,777.97 |
| Year 10 | $31,990.68 | $23,218.32 | $8,772.36 | $138,466.45 | $138,559.65 |
| Year 11 | $31,990.68 | $24,601.38 | $7,389.3 | $145,855.75 | $113,958.27 |
| Year 12 | $31,990.68 | $26,066.8 | $5,923.88 | $151,779.63 | $87,891.47 |
| Year 13 | $31,990.68 | $27,619.51 | $4,371.17 | $156,150.8 | $60,271.96 |
| Year 14 | $31,990.68 | $29,264.75 | $2,725.93 | $158,876.73 | $31,007.21 |
| Year 15 | $31,989.95 | $31,007.21 | $982.74 | $159,859.47 | $0 |
Compare Top Mortgage & Refinance Rates
Estimated monthly principal & interest based on a $320,000 mortgage.
| Loan Product | Interest Rate | APR | Est. Monthly P&I | Action |
|---|---|---|---|---|
30-Year Fixed | 6.68% | 6.75% | $2,061/mo | Check Rates |
15-Year Fixed | 5.92% | 6.04% | $2,687/mo | Check Rates |
5/1 Adj. Rate (ARM) | 6.18% | 6.55% | $1,956/mo | Check Rates |
FHA / VA 30-Year | 6.15% | 6.82% | $1,950/mo | Check Rates |
Shop Multiple Lenders
Borrowers who compare 3+ quotes save an average of $84,000 over a 30-year term.
Points vs Zero-Cost
Paying discount points lowers your ongoing interest rate if you plan to stay 5+ years.
PMI Removal Rules
Request private mortgage insurance cancellation as soon as your loan-to-value reaches 80%.
Advertising & Affiliate Disclosure: ConvertSheet is an independent educational calculation service and may receive compensation from partner financial institutions when users click to compare rates. Zero client data or calculated figures are ever shared.
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About 15-Year vs 30-Year Mortgage Calculator
A 15-year fixed loan typically carries a 0.5% to 0.8% lower interest rate than a 30-year mortgage and cuts total interest paid by over 60%. Use this calculator to compare monthly cash flow against long-term interest savings.
Related Mortgage Calculator & Amortization Schedule Calculations
Frequently Asked Questions: 15-Year vs 30-Year Mortgage Calculator
Clear mathematical answers to key questions, calculations, and loan parameters.
Should I get a 15-year mortgage or take a 30-year and pay extra?
A 30-year mortgage provides financial safety: if your income drops, you are only committed to the lower monthly payment. You can voluntarily make extra principal payments to pay it off in 15 years with complete flexibility.
How much interest do you save on a 15-year fixed mortgage?
On a $320,000 loan balance, choosing a 15-year term at 5.8% instead of a 30-year term at 6.5% saves approximately $248,282 in total lifetime interest charges.