Estimate the monthly payment and total interest on a 15-year fixed mortgage.
Estimate your monthly principal and interest.
A 15-year mortgage is paid off in 180 monthly payments. The payment is higher than on a 30-year loan, but you build equity faster and pay much less interest. Lenders often price 15-year loans at lower rates than 30-year ones, though this varies.
On a $320,000 loan at 6.5%, the 15-year payment is about $2,788 a month with roughly $181,758 total interest. The 30-year version is about $2,023 a month with roughly $408,142 in interest. Change the numbers above to match your loan.
Compare with the 30-year mortgage calculator.
It saves interest, but the larger payment must fit comfortably in your budget. It depends on your finances.
No. This shows principal and interest only.