15-Year Mortgage Calculator.
The wealth-builder. Pay roughly 35% more per month than a 30-year, but cut total interest by more than half. The most popular accelerated-payoff option in the US.
A $350,000 loan at 6% over 15 years = monthly payment of $2,953, total interest $181,630. Adjust amount and rate in the calculator below.
Mortgage Calculator
Is the 15-year right for you?
✅ Pros
- →Significantly lower rate than 30-year (typically 0.5-0.75% lower)
- →Total interest typically 55-65% less than 30-year
- →Faster equity build = more refinance/HELOC options later
- →Aligns mortgage payoff with major life milestones
⚠️ Cons
- →Monthly payment ~35% higher than 30-year on same principal
- →Restricts how much home you can qualify for
- →Less flexibility during income disruption
- →May reduce capacity to max retirement contributions
Ideal borrower profile
- ✓ Dual-income households with comfortable monthly margins
- ✓ Buyers who plan to stay in the home long term
- ✓ Refinancers within 10 years of retirement
- ✓ Anyone wanting to be debt-free before college tuition years
How the 15-year compares.
Same $350,000 loan, different terms. Each at the typical rate for that term.
| Term | Rate | Monthly | Total Interest | Total Paid |
|---|---|---|---|---|
| 10 yr | 5.75% | $3,842 | $111,031 | $461,031 |
| 15 yr ← | 6% | $2,953 | $181,630 | $531,630 |
| 20 yr | 6.25% | $2,558 | $263,980 | $613,980 |
| 25 yr | 6.4% | $2,341 | $352,420 | $702,420 |
| 30 yr | 6.5% | $2,212 | $446,406 | $796,406 |
| 40 yr | 7% | $2,175 | $694,005 | $1,044,005 |
Highlighted row = current page. Rates shown are typical for prime borrowers in May 2026.
The math nobody shows you.
A $350,000 loan at 6.0% over 15 years = $2,953/month and $181,548 total interest. The same loan at 6.5% over 30 years = $2,212/month but $446,408 total interest. The 15-year costs $741/month more but saves $264,860 — effectively a 12-15% guaranteed return on the extra payment vs a 30-year.