AtlasCalcsUtility Calculation Suite
2026-09-21 7 min read

15-Year Mortgage Calculator

The PITI payment, total interest and payoff date for a home loan for a mortgage. Live calculator with worked steps, charts and a full amortisation schedule.

Calculator

Home Price Help
$

The purchase price of the property.

Down Payment(%)
%
Annual Interest Rate(%)
%
Loan Term(years)
years
Property Tax Rate (annual % of value)(%)
%
Annual Homeowners Insurance
$
HOA Dues (monthly)
$
Extra Payment Each Period
$
One-Time Extra Payment
$
One-Time Payment Made At Payment #
Advanced options (3)
PMI Rate (annual % of loan)(%) Help
%

Private mortgage insurance, roughly 0.3%–1.5% of the loan per year.

PMI Drops at LTV(%) Help
%

PMI is removable once amortisation reaches this loan-to-value ratio.

First Payment Date

This mortgage types calculator runs on the standard amortisation model: interest is charged on the outstanding balance each month, and anything extra you enter is applied to principal immediately.

Amortization schedule

Balance Interest Payment
View:
YearInterestPrincipalEnding Balance
1$18,355.53$13,738.21$306,261.79
2$17,529.94$14,563.80$291,697.99
3$16,654.74$15,439.00$276,258.99
4$15,726.94$16,366.80$259,892.19
5$14,743.39$17,350.35$242,541.84
6$13,700.73$18,393.01$224,148.83
7$12,595.42$19,498.32$204,650.51
8$11,423.68$20,670.06$183,980.45
9$10,181.53$21,912.21$162,068.24
10$8,864.73$23,229.01$138,839.23
11$7,468.80$24,624.94$114,214.29
12$5,988.98$26,104.76$88,109.52
13$4,420.23$27,673.51$60,436.02
14$2,757.21$29,336.53$31,099.49
15$994.25$31,099.49$0.00

Results

Optimal

Total Monthly Payment (PITI)

$3,324.48/month

Principal & interest $2,674.48 plus escrow $516.67 and PMI $133.33.

Principal & Interest

$2,674.48/month

On a $320,000 loan at 5.85% over 15 years.

Taxes, Insurance & HOA (Escrow)

$517

Mortgage Insurance (PMI)

$133

Persists for the full term at this LTV.

Total Interest Over the Term

$161,406

Loan Amount

$320,000

Down Payment

$80,000

Down Payment Share

20.00%

Estimated Closing Costs

$10,000

2.50% of the purchase price.

Number of Payments

180

15 years

Live results update as you type — currently showing total monthly payment (piti) of $3,324.48 /month on 12 payments a year. Replace the defaults with your own quote for an exact comparison.

Visualizations

Interest Paid Each Year

18,356Y1
17,530Y2
16,655Y3
15,727Y4
14,743Y5
13,701Y6
12,595Y7
11,424Y8
10,182Y9
8,865Y10
7,469Y11
5,989Y12
4,420Y13
2,757Y14
994Y15

Monthly Payment Split

Principal & interest80%
Escrow16%
PMI4%

Loan Balance Over Time

Interest Share of Total Paid

33.5%
0100

Formula

The amortising payment on the financed balance, then the escrowed housing costs layered on top. Taxes and insurance are one-twelfth of their annual figures; PMI applies below 20% down until amortisation removes it.

P&I = A × i ÷ (1 − (1 + i)⁻ⁿ) PITI = P&I + tax + insurance + dues

Variables

SymbolNameUnitDescription
ALoan amountcurrencyPrice minus down payment, plus any financed fees
iMonthly ratedecimalAnnual rate ÷ 12
nNumber of paymentscountTerm in years × 12
PMonthly paymentcurrencyPrincipal plus interest, before escrow
TMonthly escrowcurrencyProperty tax + insurance + HOA, each ÷ 12
MIMonthly PMIcurrencyLoan × annual PMI rate ÷ 12, below the drop LTV

Explanation

This is the payment the lender quotes: principal and interest on the balance plus the escrowed cost of taxes, insurance and any association dues, with PMI if the down payment is under 20%.

Step-by-Step Calculation

Follow each step to understand how the result is calculated from your inputs.

Step 1

Convert the annual rate to a per-month rate: 5.85% ÷ 12 periods per year.

i = APR ÷ payments per year
Annual rate:5.85%
Periods per year:12
Intermediate: i = 0.004875
Result: 0.4875% per month
Step 2

Count the payments: 180 months at monthly frequency.

n = years × payments per year
Term:15 years
Payments per year:12
Result: 180 payments
Step 3

Apply the amortising payment formula to the loan amount.

P = A × i ÷ (1 − (1 + i)^−n)
Loan amount:$320,000
Per-period rate:0.4875%
Payments:180
Intermediate: P = $320,000.00 × 0.004875 ÷ (1 − (1 + 0.004875)^−180)
Result: $2,674.48 /month
Step 4

Multiply the payment by the number of payments and subtract the amount borrowed.

Total interest = payment × n − principal
Payment:$2,674.48 × 180
Intermediate: $481,406.06 − $320,000
Result: $161,406 total interest
Final Answer
$3,324.48

Worked Examples

See how the calculator works with different scenarios.

Scenario

The 15-year mortgage calculator run on the values above, showing the full calculation path rather than only the answer.

Inputs

Rate:5.85
Years:15

Calculation

1. Convert the annual rate to a per-month rate: 5.85% ÷ 12 periods per year. → 0.4875% per month 2. Count the payments: 180 months at monthly frequency. → 180 payments 3. Apply the amortising payment formula to the loan amount. → $2,674.48 /month 4. Multiply the payment by the number of payments and subtract the amount borrowed. → $161,406 total interest

Result

Total Monthly Payment (PITI): $3,324.48 /month

Interpretation

Purchase $400,000 with 20.0% down: loan $320,000 at 5.85% over 15 years. P&I $2,674.48, PITI $3,324.48 including $133.33 PMI until month n/a. Closing costs $10,000.

Understanding Your Result

Your Result: Total Monthly Payment (PITI): $3,324.48 /month

Typical range: On a 30-year mortgage at mid-market rates the total interest typically runs 60%–110% of the amount borrowed; 15-year loans land nearer 25%–40%.

What This Means

This is the payment the lender quotes: principal and interest on the balance plus the escrowed cost of taxes, insurance and any association dues, with PMI if the down payment is under 20%.

Why It Matters

Purchase $400,000 with 20.0% down: loan $320,000 at 5.85% over 15 years. P&I $2,674.48, PITI $3,324.48 including $133.33 PMI until month n/a. Closing costs $10,000.

Professional Interpretation

Purchase $400,000 with 20.0% down: loan $320,000 at 5.85% over 15 years. P&I $2,674.48, PITI $3,324.48 including $133.33 PMI until month n/a. Closing costs $10,000.

How this is calculated

The amortising payment on the financed balance, then the escrowed housing costs layered on top. Taxes and insurance are one-twelfth of their annual figures; PMI applies below 20% down until amortisation removes it.

What drives the result

Interest is charged on the outstanding balance each month, so the interest share of the payment is highest at the start and falls as amortisation proceeds. On a 30-year loan at mid-market rates, principal does not exceed interest until well past the midpoint of the term — which is why early extra payments are disproportionately valuable.

Recommendations

  • •Ask for a loan estimate showing escrow, PMI and rate on one page before comparing offers.
  • •At this equity position you avoid PMI entirely, which materially lowers the effective rate.
  • •Model a slightly higher rate before committing: payment shock at renewal is the most common budget failure.

Educational Content

Introduction

A mortgage is priced with one equation: a level payment that repays principal plus interest over a fixed number of periods. Every figure on this page — payment, balance, payoff date, interest saved — derives from that single relationship, which is why changing any input moves all of them.

Concept Explanation

Interest is charged on the outstanding balance each month, so the interest share of the payment is highest at the start and falls as amortisation proceeds. On a 30-year loan at mid-market rates, principal does not exceed interest until well past the midpoint of the term — which is why early extra payments are disproportionately valuable.

Applications

▸Checking a loan estimate before signing: the payment must match amount, rate and term exactly
▸Tracking the balance against your own amortisation record, not just the servicer statement
▸Sizing a payoff plan or measuring what a rate change would do to the payment
▸Comparing a quoted APR with the note rate to see what closing costs really cost

Benefits

  • •Locks the numbers to one consistent model instead of trusting a lender summary
  • •Shows the full finance charge, not just the monthly payment
  • •Produces a period-by-period schedule you can hold a servicer to
  • •Makes payoff dates and refinancing thresholds concrete

Limitations

  • •Assumes the rate stays fixed and every payment arrives on time
  • •Escrow figures (taxes, insurance, dues) are estimates that reassess annually
  • •Lender rounding conventions can shift the final payment by a few cents or dollars
  • •Government programme fees (FHA MIP, VA funding fee) change by programme and year

Best Practices

  • •Compare total cost, not just payment, when weighing term choices
  • •Recalculate whenever rate, term or down payment changes — all three interact
  • •Request the payoff quote in writing before scheduling a sale or refinance
  • •Keep two months of PITI in reserve after closing for the first tax and insurance surprises

Common Misconceptions

Myth: A 30-year loan costs the same as a 15-year at the same rate
Truth: The longer term pays interest on a high balance for years longer; total interest is dramatically higher.
Myth: Extra payments shorten the payment, not the term
Truth: Extra principal keeps the payment level and shortens the term, returning the saving as months not owed.

Practical Tips

  • •Budget with the full PITI figure, not principal and interest alone — escrow adds 15%–30%.
  • •Enter your actual tax rate and insurance quote; defaults are national averages.
  • •Test the payment at 0.5 points higher to see rate sensitivity before locking.
  • •If PMI applies, note the removal month — requesting cancellation early saves real money.

Common Mistakes

Budgeting on principal and interest only
Taxes, insurance and dues are part of the payment and of the DTI the lender qualifies on.
Assuming PMI is permanent
Conventional PMI is removable; FHA MIP below 10% down effectively is not — refinance to remove it.

Assumptions

This calculator makes the following assumptions to provide estimates:

Figures as entered: The result follows directly from the values supplied; lender rounding may differ slightly.
Rate and term fixed: Escrowed costs reassess annually and are modelled as entered.

Limitations

Be aware of these limitations when using this calculator:

Limitation: Assumes the rate stays fixed and every payment arrives on time
Limitation: Escrow figures (taxes, insurance, dues) are estimates that reassess annually
Limitation: Lender rounding conventions can shift the final payment by a few cents or dollars
Limitation: Government programme fees (FHA MIP, VA funding fee) change by programme and year

Frequently Asked Questions

Answers to common questions about this calculator.

Why is the escrowed part of the payment different from my neighbour’s?
Taxes and insurance are local and personal: assessment rates, coverage choices and HOA budgets all differ by property, so two identical loans can carry very different escrows.
When does PMI disappear from this payment?
On conventional loans once the balance reaches 78%–80% of original value — automatically at 78%, on request at 80%. FHA MIP generally does not come off below 10% down.
Is the payment the same every month?
Principal and interest are fixed on a fixed-rate loan; the escrowed portion changes when the tax bill or insurance premium changes.
Who uses the 15-year mortgage calculator?
It is used by home buyers comparing mortgage offers, by owners weighing a refinance or equity move, and by loan officers and advisers sanity-checking a payment, ratio or fee structure. It sits in the Mortgage Types group of the Mortgage & Home Finance section of Atlascalcs.
How accurate is the 15-year mortgage calculator?
Every figure follows directly from the inputs using standard amortisation mathematics, so it is accurate to the quality of the values you enter. Lenders round payments and apply their own day-count conventions, so expect small differences against a formal statement or payoff quote.
How current are the rates and thresholds used here?
The calculator uses the figures you enter, so update the rate to your actual offer or current market quote. Ratio thresholds, poverty guidelines and programme rules reflect the conventions described in the references and change periodically.
Does rounding change the results?
Every calculation runs on full precision and rounds only for display. Lenders round payments to the nearest cent or dollar, so expect a small difference between these figures and a formal statement or payoff quote.
Should I use the payment or the total cost to compare offers?
Use the payment to judge cash flow and the finance charge or APR to judge cost. When two offers differ on both, the all-in cost over the period you expect to hold the loan is the decisive measure.
Can I use this calculator for a business or commercial loan?
Yes. The payment, amortisation, ratio and cost calculators apply the same amortisation mathematics to commercial loans; the difference is in the fees, covenants and collateral rules, which you should enter explicitly.
What information should I have ready before applying?
Your exact rate and term, the fee schedule, any required add-ons, and your gross income and existing monthly obligations. With those five numbers every figure on this page can be tied back to a lender quote.

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Related Guides

Deepen your understanding with these educational resources.

Glossary

Technical terms used in mortgage calculations explained in plain language.

Principal
The amount borrowed, excluding interest and fees. Payments applied to principal reduce the balance and therefore future interest.
Amortisation
Repaying a debt through a schedule of payments that gradually shifts the split from interest to principal until the balance reaches zero.
APR (Annual Percentage Rate)
The yearly cost of credit expressed as a rate, including interest and most upfront finance charges.
Escrow
An account the servicer holds to pay property taxes and insurance on your behalf, funded monthly as part of the payment.
PITI
Principal, interest, property taxes and insurance — the four components of a full monthly housing payment, sometimes plus HOA dues.
PMI (Private Mortgage Insurance)
Insurance protecting the lender when the down payment is below 20% of price; paid by the borrower and removable once equity is sufficient.
PITI
Principal, interest, property taxes and insurance — the four components of a full monthly housing payment, sometimes plus HOA dues.
Escrow
An account the servicer holds to pay property taxes and insurance on your behalf, funded monthly as part of the payment.

Authoritative References

Trusted sources and standards referenced by this calculator.

Applicable Standards

Level-payment (simple-interest) amortisation, payments assumed in arrearsAPR computed by discounting the actual payment stream to net proceedsDebt ratios computed on gross income for lender comparisonsMoney rounded for display only; all calculations run at full precision

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Page Information

Last Updated:

2026-09-21

Version:

2.0.0

License:

Free to use for educational and professional purposes.