What is a 15-year mortgage calculator?

With this calculator, you can estimate what your payments would look like with a 15-year term and decide if it’s the right fit for your needs. Our 15-year mortgage calculator lets you see how different variables can impact your overall loan cost.

Is a 15-year mortgage better than a 30-year mortgage?

Here are some of the advantages of a 15-year mortgage over a 30-year mortgage: Lower interest rates: While both loan types have similar interest rate profiles, the 15-year loan typically offers a slightly lower rate to the 30-year loan. Build home equity much faster: People typically move homes or refinance about every 5 to 7 years.

How much is a mortgage if you have a 20% down payment?

Assuming you have a 20% down payment ($40,000), your total mortgage on a $200,000 home would be $160,000 . For a 30-year fixed mortgage with a 3.5% interest rate, you would be looking at a $718 monthly payment. Please keep in mind that the exact cost and monthly payment for your mortgage will vary, depending its length and terms.