15-year mortgage amortization schedule
Half the term does not mean double the payment — that’s the arithmetic surprise that sells 15-year mortgages. On the example $400,000 loan at a 6.5% example rate, the 15-year payment is $3,484.43 against $2,528.27 for the 30-year version: about 38% more per month. Total interest tells the other half of the story: $227,197 versus $510,180.
The generator below arrives preset for a 15-year term. Swap in your own numbers — and note that real 15-year loans usually price below 30-year loans, so the comparison above (same rate for both) actually understates the 15-year advantage. Enter the two quoted rates one after the other to compare honestly.
Preset: example $400,000 15-year loan — replace with your amount and quoted rate
Payment-by-payment schedule
| # | Date | Payment | Principal | Interest | Extra | Balance |
|---|
Click a year to expand its payments. Exports and print always include every payment.
How it works
- Open this page — the calculator is already set up for "15-year mortgage amortization schedule". Swap in your own amount, rate and term.
- Read off the payment, the payoff date and total interest. The full payment-by-payment table is right below.
- Add extra payments or switch to biweekly to watch the payoff date move and the interest saved appear.
- Download the schedule as Excel, CSV or PDF — generated on your device; your loan details never leave your browser.
The 15-vs-30 decision, without the cheerleading
The 15-year term is a forced-savings machine: equity builds fast because the higher payment is mostly principal from early on. The cost is flexibility — that payment is contractual, in good months and bad. A quietly popular third option: take the 30-year loan and pay it like a 15 using extra payments. You give up a little (30-year rates run higher, and discipline is on you) and keep the option to drop back to the lower required payment if life happens. Model exactly that on the extra-payments page — set the extra to the difference between the two payments and compare the payoff dates.
Example: $400,000 at 6.5% — 15 vs 30 years (computed by this site’s engine)
| Item | Detail |
|---|---|
| 30-year payment | $2,528.27/month · $510,180 total interest |
| 15-year payment | $3,484.43/month · $227,197 total interest |
| Interest difference | $282,983 stays in your pocket on the 15-year schedule |
Same example rate on both rows to isolate the term effect; real 15-year quotes usually price lower than 30-year quotes, widening the gap further. Computed by the same engine as the calculator, so these figures always match what the tool shows.
Good to know
- Refinancing a 30 into a 15 restarts closing costs but not the clock trick — your new schedule starts from today’s balance, so run today’s balance through the generator, not the original loan amount.
- If the 15-year payment would leave you unable to fund retirement accounts or an emergency fund, the 30-with-extras route keeps those options open.
- Escrow items (taxes, insurance) ride on top of the payment shown here, same as on any mortgage.
Frequently asked questions
Why isn’t the 15-year payment double the 30-year payment?
Because interest dominates the 30-year schedule. Halving the term mostly squeezes interest out of the loan rather than doubling the principal pace required. That’s visible in the schedule: compare the Interest columns of the two tables and watch how much smaller the 15-year charges are from the very first year.
Is a 15-year mortgage better than investing the difference?
It’s a genuine trade-off, not a slogan: paying down a 6.5% loan is a guaranteed 6.5% pre-tax return, while markets offer higher expected but unguaranteed returns. Liquidity matters too — money in the house is hard to get back out. Our “pay extra or invest?” guide walks the honest version of this comparison.
Can I turn my 30-year loan into a 15 without refinancing?
Functionally yes: pay the 15-year payment amount on your 30-year loan every month, flagged as extra principal. You keep the higher 30-year rate, so the payoff lands a bit past 15 years — the extra-payments page computes the exact date for your rate. The advantage is that the higher payment is voluntary, not contractual.