15 Year Home Loan Calculator
This calculator defaults to a 15-year loan term and figures monthly mortgage payments based on the principal amount borrowed, the length of the loan and the annual interest rate. This calculator will also figure your total monthly mortgage payment which will include your property tax, property insurance and PMI payments. Then, once you have computed the monthly payment, click on the "Create Amortization Schedule" button to create a report you can print out.
For your convenience current Fairfield 15-year mortgage rates are published below.
Current 15-Year Fairfield Mortgage Rates
We publish current Fairfield mortgage rates. CT homebuyers and refinancers can use the filters at the top of the table to see the monthly payments and rates availble for their loans.
Know If a 15-Year Fixed Mortgage is Right for You
Ready to buy a new house? The process can be overwhelming especially if you don’t understand your mortgage options. And with so many types of payment terms out there, it can be hard to decide which one works for you.
Majority of homebuyers usually get 30-year fixed terms. However, there are consumers who prefer to cut their repayment duration in half. After all, most people would rather not be in long-term debt. For those who can afford to pay it sooner, it’s wise to avoid a 30-year debt. So if you’re looking for a shorter mortgage, a 15-year fixed-rate loan might work for you.
To learn more about 15-year fixed mortgages, read on below. We’ll talk about what they are and what they’re commonly used for. You’ll also learn about its benefits and disadvantages, and deciding whether it suits your needs.
What is a 15-Year Fixed-Rate Mortgage?
A 15-year fixed-rate mortgage comes with a monthly payment and interest rate that does not change for 15 years. Yes, your mortgage payments are kept the same throughout the loan. But just like other loans, your mortgage insurance and tax costs can change over the years.
Compared to longer terms, you get to pay down your debt and gain equity faster with a 15-year term. It also comes with lower rates compared to longer terms. But as a trade-off, it requires borrowers to make higher monthly payments.
Fifteen-year fixed mortgages are used in both government-insured housing loans and conventional loans. They also come in adjustable rate mortgage options. Apart from being a loan purchase tool, a 15-year fixed rate loan is used as a refinancing tool by homebuyers who want to shorten their loan term and change to lower rates.
Different Housing Loans with 15-Year Fixed Terms
You can obtain 15-year fixed home loans from the following types of conventional loans and federally-backed housing loans:
Conforming Conventional Loans
These types of mortgage are not federally backed by the government. You can obtain them from private lenders such as banks, credit unions, and mortgage companies. To qualify for a conforming conventional loan, you must have a credit score of 650 and above. It’s usually for borrowers who have high income and a stable stream of funds.
Conforming conventional loans adhere to financing limits established by the Federal Housing Finance Agency (FHFA). This meets the funding standards followed by Fannie Mae and Freddie Mac. For instance, the conforming limits for one-unit housing in the continental U.S. is placed at $647,200 in 2022.
Private Mortgage Insurance (PMI)
Borrowers must pay a private mortgage insurance if they pay less than 20 percent downpayment on a conventional loan. With PMI on top of your monthly payment, borrowers must pay more.
However, lenders must automatically eliminate PMI once your mortgage balance is 78 percent of your home’s purchase price. Just make sure you haven’t missed any payments. Your mortgage provider must also terminate PMI if you are halfway through your amortization schedule.
Non-Conforming Conventional Loans
Also called “jumbo mortgage,” these are conventional loans that are not federally backed by the government. But unlike conforming loans, they exceed the established conforming limits imposed by the FHFA.
Non-conforming conventional loans are commonly used by buyers who can afford to take unusually expensive mortgages. This is why it’s referred to as jumbo loans. Jumbo mortgages are well-suited for buyers with high income and excellent credit scores not lower than 700.
Government-Insured Housing Loans
These loans are secured by government funding and come with relaxed payment terms. It allows moderate to low-income borrowers to obtain financing even with low credit scores. A borrower can qualify with a credit score of 500 and a 10 percent downpayment under an FHA loan. Other government backed loans such as VA and USDA loans have a zero downpayment option.
Consumers can choose from the following federally-backed mortgages:
- The Federal Housing Administration backs FHA loans
- The U.S. Department of Agriculture backs USDA loans
- The U.S. Department of Veterans Affairs backs VA loans
- Conventional loans are not directly backed by the Federal government. Instead they are typically backed by Fannie Mae & Freddie Mac, which are government sponsored entities (GSEs).
Mortgage Insurance Premium (MIP)
Government-backed loans such as FHA and USDA impose a mortgage insurance premium if your loan balance is over 80 percent of the home’s value. MIP ranges between 0.80 to 0.85 percent of the loan.
This premium offsets the low downpayment for FHA (a minimum of 3.5 percent of the loan amount) and the zero dowpayment option offered by the USDA. It’s included in your monthly payment which increases your mortgage costs. MIP cannot be cancelled and is required for the entire duration of the loan.
Why Do Homebuyers Choose a 15-Year Fixed Loan?
Buyers choose a 15-year fixed-rate mortgage to pay down their loan within a shorter time. People do this when they are confident they can afford the higher monthly payments. Likewise, it’s suited for borrowers with a stable stream of income and good credit history. Having a high credit score will help you secure a favorable 15-year fixed mortgage deal.
Pay Off Your Mortgage Early
Paying your mortgage sooner is advantageous before retirement or sending a child to college. It eliminates one long-term debt from your list so you can focus on other major life investments. If you can afford it, consider taking a 15-year mortgage over a 30-year term.
For example, let’s compare interest costs between a 30-year fixed mortgage and 15-year fixed mortgage with a lower interest rate. See the table below.
Loan Amount: $250,000
| Loan | 30-Year Fixed Mortgage | 15-Year Fixed Mortgage | Difference |
|---|---|---|---|
| Interest rate (APR) | 3.8% | 3.5% | 0.3% |
| Monthly Payment | $1,164.89 | $1,787.21 | $622.32 |
| Total Interest | $169,361.62 | $71,697.14 | $97,664.48 |
Based on the example above, your monthly payment is higher by $622.32 when you take the 15-year fixed-rate term. However, you will save $97,664.48 on total interest costs. If you take a 15-year fixed term, you will slash your interest payments by almost half.
In conclusion, once you pay your loan early, you can take advantage of the following major benefits:
- Gain home-ownership and equity faster
- Save thousands of dollars on interest costs
Aside from purchasing a house, many buyers use 15-year terms to refinance a 30-year fixed mortgage. This shortens their payment duration while reducing their current rate. Refinancing is simply taking out a new loan to replace an old one. This allows you to completely change the payment duration and loan rate to more favorable terms.
Mortgage Refinancing
Borrowers who want to refinance their mortgage must meet the required credit score. The minimum credit score for refinancing is 620, but a higher credit score will grant you more competitive rates. Buyers with a credit score of 740 typically obtain the best rates. Before you apply, make sure to improve your credit rating. It’s also more beneficial to refinance early into the loan term.
Furthermore, refinancing can cost around 2 to 6 percent of your loan. To justify this lofty expense, rates should drop at least 2 percentage points to maximize its incentives.
On the other hand, if your finances are tight and you still need to build savings, it’s probably better to take a longer term. But once you have ample funds and a higher credit score, you may refinance to a shorter term. Just make sure you’re refinancing to a significantly lower rate.
Thirty-year fixed terms allow homebuyers to obtain a larger loan amount. And with lower monthly payments, they are usually able to manage the costs. However, for government-backed loans, the annual mortgage insurance premium (MIP) makes this more costly for borrowers. Since MIP is required for the entire life of the loan, some buyers resolve to refinancing. Refinancing from a 30-fixed FHA loan to a 15-year fixed-rate conventional loan eliminates MIP and helps slash interest charges.
The Benefits and Disadvantages of a 15-Year Fixed Mortgage
Choosing a 15-year fixed home loan is advantageous if you can afford the shorter payment period. It’s also a refinancing tool for people who want to reduce their current loan term and interest rate.
But before you decide this is right for you, you must understand the drawbacks of making larger monthly payments. The higher payments will stifle your spending power. You’ll also have less savings and cash for emergencies. Moreover, you may not qualify for a higher loan amount to afford your prospective home.
Below are the benefits and disadvantages of taking a 15-year fixed mortgage:
| Benefits | Disadvantages |
|---|---|
| The monthly payment and interest rate stays the same | Higher monthly payments compared to longer terms |
| Lower interest rate – shorter terms can be 0.25% to 1% lower than 30-year fixed-rate loans | Larger monthly payments might mean only qualifying for a lower loan amount |
| Save more on total interest cost compared to a 30-year term | Limits your purchasing power |
| Gain home equity faster, pay off your debt sooner | Less money for savings |
| Get loan-level price adjustments and pay less fees if your loan is from a government-backed company (FHA, USDA, VA) | Less money for emergencies – riskier if you’re faced with a medical emergency or unemployment |
| Lower insurance premiums are charged for 15-year borrowers if your loan is from the FHA | Hinders opportunities for other profitable investments |
How Popular are 15-Year Fixed Home Loans?
Fifteen-year fixed mortgages are quite popular among U.S. consumers. According to the Urban Institute, 15-year fixed-rate terms accounted for 14.2 percent of new mortgage originations in April 2020. It is the second most purchased type of mortgage product next to 30-year fixed-rate loans. This data is based on Housing Finance at a Glance: A Monthly Chartbook released in June 2020.
As for 30-year fixed-rate mortgages, Urban Institute reported that it accounted for 77 percent of new originations. In the third spot are adjustable-rate mortgages (ARM) that represented 2.7 percent of new originations. Around 6.1 percent of the market share accounted for other types of mortgages, which include 10-year fixed mortgages and 20-year fixed terms.
Changes in Average Loan Rates for 15-Year Fixed Mortgages
Over the past 20 years, housing rates have slowly decreased. The graph below shows annual average housing rates for 15-year fixed mortgages from July 2000 to July 2020. The data is sourced from the Federal Reserve Bank of St. Louis.
When we review the graph, we’ll notice rates going on a gradual downward trend. It starts off at 7.88 percent in 2000. It decreases but does not go lower than 5 percent until 2008. Afterwards, the rate drops to 4.77 percent in 2009, which can be attributed to the subprime mortgage crisis. Historical accounts note that the mortgage crisis contributed to the U.S. recession in December 2007 to June 2009.
| Date | Average 15-Year Fixed Rates | Origination Fees & Discount Points |
|---|---|---|
| January 3, 1992 | 7.79% | 1.7 |
| January 8, 1993 | 7.60% | 1.6 |
| January 7, 1994 | 6.74% | 1.6 |
| January 6, 1995 | 8.87% | 1.8 |
| January 5, 1996 | 6.56% | 1.7 |
| January 3, 1997 | 7.18% | 1.7 |
| January 2, 1998 | 6.61% | 1.8 |
| January 8, 1999 | 6.43% | 1.0 |
| January 7, 2000 | 7.73% | 1.0 |
| January 5, 2001 | 6.74% | 1.0 |
| January 4, 2002 | 6.62% | 0.8 |
| January 3, 2003 | 5.24% | 0.6 |
| January 8, 2004 | 5.17% | 0.7 |
| January 6, 2005 | 5.21% | 0.6 |
| January 5, 2006 | 5.76% | 0.5 |
| January 4, 2007 | 5.94% | 0.4 |
| January 3, 2008 | 5.68% | 0.6 |
| January 8, 2009 | 4.62% | 0.7 |
| January 7, 2010 | 4.50% | 0.7 |
| January 6, 2011 | 4.13% | 0.8 |
| January 5, 2012 | 3.23% | 0.8 |
| January 3, 2013 | 2.64% | 0.6 |
| January 2, 2014 | 3.55% | 0.7 |
| January 8, 2015 | 3.05% | 0.5 |
| January 7, 2016 | 3.26% | 0.5 |
| January 5, 2017 | 3.44% | 0.5 |
| January 4, 2018 | 3.38% | 0.5 |
| January 3, 2019 | 3.99% | 0.4 |
| January 2, 2020 | 3.16% | 0.7 |
| July 9, 2020 | 2.51% | 0.8 |
The trend continues to go down and maintain a range not lower than 3 percent until 2015. By 2016, it went down to 2.74 percent. Between 2017 to 2019, rates were within the 3 percent range. When rates started to drop significantly in 2019 (as low as 3.18), the Wall Street Journal reported many homeowners rushing to refinance their mortgage.
By 2020, rates fell to 2.56 percent. The year also faced the Covid-19 crisis, with unemployment rates rising by 14.7 percent in April 2020, according to the Bureau of Labor Statistics.
During this unprecedented 2020 crisis, financial institutions saw a refinancing boom due to the decreasing rates. While the lower rates help encourage financial activity, job loss put many consumers at risk of defaulting on their loans. To keep most consumers afloat, the government rolled out the the CARES Act which granted mortgage payment extensions and financial aid to families.
Staying On Top of Mortgage Payments
Buying a house comes with a long-term commitment to pay down your mortgage. So before you close a real estate deal, it’s crucial to understand how your payments are applied. For this reason, it’s important to check your amortization schedule.
An amortization schedule is a comprehensive table which details how many payments you need to make throughout your mortgage. It also shows your principal balance, loan amount, interest rate, and monthly payment. Each payment you make will reduce your principal, drawing you closer to paying off your loan.
Know Your PITI Costs
When you take out a mortgage, you don’t just simply pay back the amount you borrowed. Aside from paying down the principal and interest, you also need to factor in other real estate insurance and homeowner’s insurance. These payments are known as PITI, which stand for Principal, Interest, Taxes, and Insurance. Once you know how much PITI costs, you can estimate the total cost of your monthly payments.
Note that while you have a fixed-rate mortgage, your insurance and tax rates may change over the life of the loan. So it’s best to prepare enough extra founds to cover those increasing fees throughout your mortgage.
Loan Amortization
With a 15-year fixed loan, the locked interest rate keeps payments in a traditional amortizing schedule. It breaks down your monthly payment and how much is applied toward your principal and interest.
- Principal – This refers to the amount you borrowed from your lender. It also represents the outstanding balance which shows how much you still need to pay off.
- Interest – This is the amount lenders charge to service your loan. Interest charges accrue the longer it takes to pay down your debt.
During the initial years of the loan, majority of your monthly payments are applied to the interest rather than the principal. But later on, halfway through your repayment term, more of your payment goes toward reducing the principal balance. With consistent on-time payments, your home loan should be paid off within 15 years.
To get an amortization schedule for your 15-year fixed-rate mortgage, use the calculator on top of this page.
The following table shows the amortization on a 15-year $250,000 home loan at 2.9% APR for a loan that begins next year. On this example loan, payments being on August 31, 2025 for a loan originated on July 31, 2025.
You can generate a similar printable table using the above calculator by clicking on the [Inline Schedule] button. If you would like to print out your amortization schedule please click on the [Printable Schedule] button.
| PMNT | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Aug 31, 2025 | $1,714.46 | $1,110.29 | $604.17 | $248,889.71 |
| 2 | Sep 30, 2025 | $1,714.46 | $1,112.98 | $601.48 | $247,776.73 |
| 3 | Oct 31, 2025 | $1,714.46 | $1,115.67 | $598.79 | $246,661.06 |
| 4 | Nov 30, 2025 | $1,714.46 | $1,118.36 | $596.10 | $245,542.70 |
| 5 | Dec 31, 2025 | $1,714.46 | $1,121.07 | $593.39 | $244,421.63 |
| Year 2025 | $8,572.30 | $5,578.37 | $2,993.93 | $244,421.63 | |
| 6 | Jan 31, 2026 | $1,714.46 | $1,123.77 | $590.69 | $243,297.86 |
| 7 | Feb 28, 2026 | $1,714.46 | $1,126.49 | $587.97 | $242,171.37 |
| 8 | Mar 31, 2026 | $1,714.46 | $1,129.21 | $585.25 | $241,042.16 |
| 9 | Apr 30, 2026 | $1,714.46 | $1,131.94 | $582.52 | $239,910.22 |
| 10 | May 31, 2026 | $1,714.46 | $1,134.68 | $579.78 | $238,775.54 |
| 11 | Jun 30, 2026 | $1,714.46 | $1,137.42 | $577.04 | $237,638.12 |
| 12 | Jul 31, 2026 | $1,714.46 | $1,140.17 | $574.29 | $236,497.95 |
| 13 | Aug 31, 2026 | $1,714.46 | $1,142.92 | $571.54 | $235,355.03 |
| 14 | Sep 30, 2026 | $1,714.46 | $1,145.69 | $568.77 | $234,209.34 |
| 15 | Oct 31, 2026 | $1,714.46 | $1,148.45 | $566.01 | $233,060.89 |
| 16 | Nov 30, 2026 | $1,714.46 | $1,151.23 | $563.23 | $231,909.66 |
| 17 | Dec 31, 2026 | $1,714.46 | $1,154.01 | $560.45 | $230,755.65 |
| Year 2026 | $20,573.52 | $13,665.98 | $6,907.54 | $230,755.65 | |
| 18 | Jan 31, 2027 | $1,714.46 | $1,156.80 | $557.66 | $229,598.85 |
| 19 | Feb 28, 2027 | $1,714.46 | $1,159.60 | $554.86 | $228,439.25 |
| 20 | Mar 31, 2027 | $1,714.46 | $1,162.40 | $552.06 | $227,276.85 |
| 21 | Apr 30, 2027 | $1,714.46 | $1,165.21 | $549.25 | $226,111.64 |
| 22 | May 31, 2027 | $1,714.46 | $1,168.02 | $546.44 | $224,943.62 |
| 23 | Jun 30, 2027 | $1,714.46 | $1,170.85 | $543.61 | $223,772.77 |
| 24 | Jul 31, 2027 | $1,714.46 | $1,173.68 | $540.78 | $222,599.09 |
| 25 | Aug 31, 2027 | $1,714.46 | $1,176.51 | $537.95 | $221,422.58 |
| 26 | Sep 30, 2027 | $1,714.46 | $1,179.36 | $535.10 | $220,243.22 |
| 27 | Oct 31, 2027 | $1,714.46 | $1,182.21 | $532.25 | $219,061.01 |
| 28 | Nov 30, 2027 | $1,714.46 | $1,185.06 | $529.40 | $217,875.95 |
| 29 | Dec 31, 2027 | $1,714.46 | $1,187.93 | $526.53 | $216,688.02 |
| Year 2027 | $20,573.52 | $14,067.63 | $6,505.89 | $216,688.02 | |
| 30 | Jan 31, 2028 | $1,714.46 | $1,190.80 | $523.66 | $215,497.22 |
| 31 | Feb 28, 2028 | $1,714.46 | $1,193.68 | $520.78 | $214,303.54 |
| 32 | Mar 31, 2028 | $1,714.46 | $1,196.56 | $517.90 | $213,106.98 |
| 33 | Apr 30, 2028 | $1,714.46 | $1,199.45 | $515.01 | $211,907.53 |
| 34 | May 31, 2028 | $1,714.46 | $1,202.35 | $512.11 | $210,705.18 |
| 35 | Jun 30, 2028 | $1,714.46 | $1,205.26 | $509.20 | $209,499.92 |
| 36 | Jul 31, 2028 | $1,714.46 | $1,208.17 | $506.29 | $208,291.75 |
| 37 | Aug 31, 2028 | $1,714.46 | $1,211.09 | $503.37 | $207,080.66 |
| 38 | Sep 30, 2028 | $1,714.46 | $1,214.02 | $500.44 | $205,866.64 |
| 39 | Oct 31, 2028 | $1,714.46 | $1,216.95 | $497.51 | $204,649.69 |
| 40 | Nov 30, 2028 | $1,714.46 | $1,219.89 | $494.57 | $203,429.80 |
| 41 | Dec 31, 2028 | $1,714.46 | $1,222.84 | $491.62 | $202,206.96 |
| Year 2028 | $20,573.52 | $14,481.06 | $6,092.46 | $202,206.96 | |
| 42 | Jan 31, 2029 | $1,714.46 | $1,225.79 | $488.67 | $200,981.17 |
| 43 | Feb 28, 2029 | $1,714.46 | $1,228.76 | $485.70 | $199,752.41 |
| 44 | Mar 31, 2029 | $1,714.46 | $1,231.73 | $482.73 | $198,520.68 |
| 45 | Apr 30, 2029 | $1,714.46 | $1,234.70 | $479.76 | $197,285.98 |
| 46 | May 31, 2029 | $1,714.46 | $1,237.69 | $476.77 | $196,048.29 |
| 47 | Jun 30, 2029 | $1,714.46 | $1,240.68 | $473.78 | $194,807.61 |
| 48 | Jul 31, 2029 | $1,714.46 | $1,243.67 | $470.79 | $193,563.94 |
| 49 | Aug 31, 2029 | $1,714.46 | $1,246.68 | $467.78 | $192,317.26 |
| 50 | Sep 30, 2029 | $1,714.46 | $1,249.69 | $464.77 | $191,067.57 |
| 51 | Oct 31, 2029 | $1,714.46 | $1,252.71 | $461.75 | $189,814.86 |
| 52 | Nov 30, 2029 | $1,714.46 | $1,255.74 | $458.72 | $188,559.12 |
| 53 | Dec 31, 2029 | $1,714.46 | $1,258.78 | $455.68 | $187,300.34 |
| Year 2029 | $20,573.52 | $14,906.62 | $5,666.90 | $187,300.34 | |
| 54 | Jan 31, 2030 | $1,714.46 | $1,261.82 | $452.64 | $186,038.52 |
| 55 | Feb 28, 2030 | $1,714.46 | $1,264.87 | $449.59 | $184,773.65 |
| 56 | Mar 31, 2030 | $1,714.46 | $1,267.92 | $446.54 | $183,505.73 |
| 57 | Apr 30, 2030 | $1,714.46 | $1,270.99 | $443.47 | $182,234.74 |
| 58 | May 31, 2030 | $1,714.46 | $1,274.06 | $440.40 | $180,960.68 |
| 59 | Jun 30, 2030 | $1,714.46 | $1,277.14 | $437.32 | $179,683.54 |
| 60 | Jul 31, 2030 | $1,714.46 | $1,280.22 | $434.24 | $178,403.32 |
| 61 | Aug 31, 2030 | $1,714.46 | $1,283.32 | $431.14 | $177,120.00 |
| 62 | Sep 30, 2030 | $1,714.46 | $1,286.42 | $428.04 | $175,833.58 |
| 63 | Oct 31, 2030 | $1,714.46 | $1,289.53 | $424.93 | $174,544.05 |
| 64 | Nov 30, 2030 | $1,714.46 | $1,292.65 | $421.81 | $173,251.40 |
| 65 | Dec 31, 2030 | $1,714.46 | $1,295.77 | $418.69 | $171,955.63 |
| Year 2030 | $20,573.52 | $15,344.71 | $5,228.81 | $171,955.63 | |
| 66 | Jan 31, 2031 | $1,714.46 | $1,298.90 | $415.56 | $170,656.73 |
| 67 | Feb 28, 2031 | $1,714.46 | $1,302.04 | $412.42 | $169,354.69 |
| 68 | Mar 31, 2031 | $1,714.46 | $1,305.19 | $409.27 | $168,049.50 |
| 69 | Apr 30, 2031 | $1,714.46 | $1,308.34 | $406.12 | $166,741.16 |
| 70 | May 31, 2031 | $1,714.46 | $1,311.50 | $402.96 | $165,429.66 |
| 71 | Jun 30, 2031 | $1,714.46 | $1,314.67 | $399.79 | $164,114.99 |
| 72 | Jul 31, 2031 | $1,714.46 | $1,317.85 | $396.61 | $162,797.14 |
| 73 | Aug 31, 2031 | $1,714.46 | $1,321.03 | $393.43 | $161,476.11 |
| 74 | Sep 30, 2031 | $1,714.46 | $1,324.23 | $390.23 | $160,151.88 |
| 75 | Oct 31, 2031 | $1,714.46 | $1,327.43 | $387.03 | $158,824.45 |
| 76 | Nov 30, 2031 | $1,714.46 | $1,330.63 | $383.83 | $157,493.82 |
| 77 | Dec 31, 2031 | $1,714.46 | $1,333.85 | $380.61 | $156,159.97 |
| Year 2031 | $20,573.52 | $15,795.66 | $4,777.86 | $156,159.97 | |
| 78 | Jan 31, 2032 | $1,714.46 | $1,337.07 | $377.39 | $154,822.90 |
| 79 | Feb 28, 2032 | $1,714.46 | $1,340.30 | $374.16 | $153,482.60 |
| 80 | Mar 31, 2032 | $1,714.46 | $1,343.54 | $370.92 | $152,139.06 |
| 81 | Apr 30, 2032 | $1,714.46 | $1,346.79 | $367.67 | $150,792.27 |
| 82 | May 31, 2032 | $1,714.46 | $1,350.05 | $364.41 | $149,442.22 |
| 83 | Jun 30, 2032 | $1,714.46 | $1,353.31 | $361.15 | $148,088.91 |
| 84 | Jul 31, 2032 | $1,714.46 | $1,356.58 | $357.88 | $146,732.33 |
| 85 | Aug 31, 2032 | $1,714.46 | $1,359.86 | $354.60 | $145,372.47 |
| 86 | Sep 30, 2032 | $1,714.46 | $1,363.14 | $351.32 | $144,009.33 |
| 87 | Oct 31, 2032 | $1,714.46 | $1,366.44 | $348.02 | $142,642.89 |
| 88 | Nov 30, 2032 | $1,714.46 | $1,369.74 | $344.72 | $141,273.15 |
| 89 | Dec 31, 2032 | $1,714.46 | $1,373.05 | $341.41 | $139,900.10 |
| Year 2032 | $20,573.52 | $16,259.87 | $4,313.65 | $139,900.10 | |
| 90 | Jan 31, 2033 | $1,714.46 | $1,376.37 | $338.09 | $138,523.73 |
| 91 | Feb 28, 2033 | $1,714.46 | $1,379.69 | $334.77 | $137,144.04 |
| 92 | Mar 31, 2033 | $1,714.46 | $1,383.03 | $331.43 | $135,761.01 |
| 93 | Apr 30, 2033 | $1,714.46 | $1,386.37 | $328.09 | $134,374.64 |
| 94 | May 31, 2033 | $1,714.46 | $1,389.72 | $324.74 | $132,984.92 |
| 95 | Jun 30, 2033 | $1,714.46 | $1,393.08 | $321.38 | $131,591.84 |
| 96 | Jul 31, 2033 | $1,714.46 | $1,396.45 | $318.01 | $130,195.39 |
| 97 | Aug 31, 2033 | $1,714.46 | $1,399.82 | $314.64 | $128,795.57 |
| 98 | Sep 30, 2033 | $1,714.46 | $1,403.20 | $311.26 | $127,392.37 |
| 99 | Oct 31, 2033 | $1,714.46 | $1,406.60 | $307.86 | $125,985.77 |
| 100 | Nov 30, 2033 | $1,714.46 | $1,409.99 | $304.47 | $124,575.78 |
| 101 | Dec 31, 2033 | $1,714.46 | $1,413.40 | $301.06 | $123,162.38 |
| Year 2033 | $20,573.52 | $16,737.72 | $3,835.80 | $123,162.38 | |
| 102 | Jan 31, 2034 | $1,714.46 | $1,416.82 | $297.64 | $121,745.56 |
| 103 | Feb 28, 2034 | $1,714.46 | $1,420.24 | $294.22 | $120,325.32 |
| 104 | Mar 31, 2034 | $1,714.46 | $1,423.67 | $290.79 | $118,901.65 |
| 105 | Apr 30, 2034 | $1,714.46 | $1,427.11 | $287.35 | $117,474.54 |
| 106 | May 31, 2034 | $1,714.46 | $1,430.56 | $283.90 | $116,043.98 |
| 107 | Jun 30, 2034 | $1,714.46 | $1,434.02 | $280.44 | $114,609.96 |
| 108 | Jul 31, 2034 | $1,714.46 | $1,437.49 | $276.97 | $113,172.47 |
| 109 | Aug 31, 2034 | $1,714.46 | $1,440.96 | $273.50 | $111,731.51 |
| 110 | Sep 30, 2034 | $1,714.46 | $1,444.44 | $270.02 | $110,287.07 |
| 111 | Oct 31, 2034 | $1,714.46 | $1,447.93 | $266.53 | $108,839.14 |
| 112 | Nov 30, 2034 | $1,714.46 | $1,451.43 | $263.03 | $107,387.71 |
| 113 | Dec 31, 2034 | $1,714.46 | $1,454.94 | $259.52 | $105,932.77 |
| Year 2034 | $20,573.52 | $17,229.61 | $3,343.91 | $105,932.77 | |
| 114 | Jan 31, 2035 | $1,714.46 | $1,458.46 | $256.00 | $104,474.31 |
| 115 | Feb 28, 2035 | $1,714.46 | $1,461.98 | $252.48 | $103,012.33 |
| 116 | Mar 31, 2035 | $1,714.46 | $1,465.51 | $248.95 | $101,546.82 |
| 117 | Apr 30, 2035 | $1,714.46 | $1,469.06 | $245.40 | $100,077.76 |
| 118 | May 31, 2035 | $1,714.46 | $1,472.61 | $241.85 | $98,605.15 |
| 119 | Jun 30, 2035 | $1,714.46 | $1,476.16 | $238.30 | $97,128.99 |
| 120 | Jul 31, 2035 | $1,714.46 | $1,479.73 | $234.73 | $95,649.26 |
| 121 | Aug 31, 2035 | $1,714.46 | $1,483.31 | $231.15 | $94,165.95 |
| 122 | Sep 30, 2035 | $1,714.46 | $1,486.89 | $227.57 | $92,679.06 |
| 123 | Oct 31, 2035 | $1,714.46 | $1,490.49 | $223.97 | $91,188.57 |
| 124 | Nov 30, 2035 | $1,714.46 | $1,494.09 | $220.37 | $89,694.48 |
| 125 | Dec 31, 2035 | $1,714.46 | $1,497.70 | $216.76 | $88,196.78 |
| Year 2035 | $20,573.52 | $17,735.99 | $2,837.53 | $88,196.78 | |
| 126 | Jan 31, 2036 | $1,714.46 | $1,501.32 | $213.14 | $86,695.46 |
| 127 | Feb 28, 2036 | $1,714.46 | $1,504.95 | $209.51 | $85,190.51 |
| 128 | Mar 31, 2036 | $1,714.46 | $1,508.58 | $205.88 | $83,681.93 |
| 129 | Apr 30, 2036 | $1,714.46 | $1,512.23 | $202.23 | $82,169.70 |
| 130 | May 31, 2036 | $1,714.46 | $1,515.88 | $198.58 | $80,653.82 |
| 131 | Jun 30, 2036 | $1,714.46 | $1,519.55 | $194.91 | $79,134.27 |
| 132 | Jul 31, 2036 | $1,714.46 | $1,523.22 | $191.24 | $77,611.05 |
| 133 | Aug 31, 2036 | $1,714.46 | $1,526.90 | $187.56 | $76,084.15 |
| 134 | Sep 30, 2036 | $1,714.46 | $1,530.59 | $183.87 | $74,553.56 |
| 135 | Oct 31, 2036 | $1,714.46 | $1,534.29 | $180.17 | $73,019.27 |
| 136 | Nov 30, 2036 | $1,714.46 | $1,538.00 | $176.46 | $71,481.27 |
| 137 | Dec 31, 2036 | $1,714.46 | $1,541.71 | $172.75 | $69,939.56 |
| Year 2036 | $20,573.52 | $18,257.22 | $2,316.30 | $69,939.56 | |
| 138 | Jan 31, 2037 | $1,714.46 | $1,545.44 | $169.02 | $68,394.12 |
| 139 | Feb 28, 2037 | $1,714.46 | $1,549.17 | $165.29 | $66,844.95 |
| 140 | Mar 31, 2037 | $1,714.46 | $1,552.92 | $161.54 | $65,292.03 |
| 141 | Apr 30, 2037 | $1,714.46 | $1,556.67 | $157.79 | $63,735.36 |
| 142 | May 31, 2037 | $1,714.46 | $1,560.43 | $154.03 | $62,174.93 |
| 143 | Jun 30, 2037 | $1,714.46 | $1,564.20 | $150.26 | $60,610.73 |
| 144 | Jul 31, 2037 | $1,714.46 | $1,567.98 | $146.48 | $59,042.75 |
| 145 | Aug 31, 2037 | $1,714.46 | $1,571.77 | $142.69 | $57,470.98 |
| 146 | Sep 30, 2037 | $1,714.46 | $1,575.57 | $138.89 | $55,895.41 |
| 147 | Oct 31, 2037 | $1,714.46 | $1,579.38 | $135.08 | $54,316.03 |
| 148 | Nov 30, 2037 | $1,714.46 | $1,583.20 | $131.26 | $52,732.83 |
| 149 | Dec 31, 2037 | $1,714.46 | $1,587.02 | $127.44 | $51,145.81 |
| Year 2037 | $20,573.52 | $18,793.75 | $1,779.77 | $51,145.81 | |
| 150 | Jan 31, 2038 | $1,714.46 | $1,590.86 | $123.60 | $49,554.95 |
| 151 | Feb 28, 2038 | $1,714.46 | $1,594.70 | $119.76 | $47,960.25 |
| 152 | Mar 31, 2038 | $1,714.46 | $1,598.56 | $115.90 | $46,361.69 |
| 153 | Apr 30, 2038 | $1,714.46 | $1,602.42 | $112.04 | $44,759.27 |
| 154 | May 31, 2038 | $1,714.46 | $1,606.29 | $108.17 | $43,152.98 |
| 155 | Jun 30, 2038 | $1,714.46 | $1,610.17 | $104.29 | $41,542.81 |
| 156 | Jul 31, 2038 | $1,714.46 | $1,614.06 | $100.40 | $39,928.75 |
| 157 | Aug 31, 2038 | $1,714.46 | $1,617.97 | $96.49 | $38,310.78 |
| 158 | Sep 30, 2038 | $1,714.46 | $1,621.88 | $92.58 | $36,688.90 |
| 159 | Oct 31, 2038 | $1,714.46 | $1,625.80 | $88.66 | $35,063.10 |
| 160 | Nov 30, 2038 | $1,714.46 | $1,629.72 | $84.74 | $33,433.38 |
| 161 | Dec 31, 2038 | $1,714.46 | $1,633.66 | $80.80 | $31,799.72 |
| Year 2038 | $20,573.52 | $19,346.09 | $1,227.43 | $31,799.72 | |
| 162 | Jan 31, 2039 | $1,714.46 | $1,637.61 | $76.85 | $30,162.11 |
| 163 | Feb 28, 2039 | $1,714.46 | $1,641.57 | $72.89 | $28,520.54 |
| 164 | Mar 31, 2039 | $1,714.46 | $1,645.54 | $68.92 | $26,875.00 |
| 165 | Apr 30, 2039 | $1,714.46 | $1,649.51 | $64.95 | $25,225.49 |
| 166 | May 31, 2039 | $1,714.46 | $1,653.50 | $60.96 | $23,571.99 |
| 167 | Jun 30, 2039 | $1,714.46 | $1,657.49 | $56.97 | $21,914.50 |
| 168 | Jul 31, 2039 | $1,714.46 | $1,661.50 | $52.96 | $20,253.00 |
| 169 | Aug 31, 2039 | $1,714.46 | $1,665.52 | $48.94 | $18,587.48 |
| 170 | Sep 30, 2039 | $1,714.46 | $1,669.54 | $44.92 | $16,917.94 |
| 171 | Oct 31, 2039 | $1,714.46 | $1,673.57 | $40.89 | $15,244.37 |
| 172 | Nov 30, 2039 | $1,714.46 | $1,677.62 | $36.84 | $13,566.75 |
| 173 | Dec 31, 2039 | $1,714.46 | $1,681.67 | $32.79 | $11,885.08 |
| Year 2039 | $20,573.52 | $19,914.64 | $658.88 | $11,885.08 | |
| 174 | Jan 31, 2040 | $1,714.46 | $1,685.74 | $28.72 | $10,199.34 |
| 175 | Feb 28, 2040 | $1,714.46 | $1,689.81 | $24.65 | $8,509.53 |
| 176 | Mar 31, 2040 | $1,714.46 | $1,693.90 | $20.56 | $6,815.63 |
| 177 | Apr 30, 2040 | $1,714.46 | $1,697.99 | $16.47 | $5,117.64 |
| 178 | May 31, 2040 | $1,714.46 | $1,702.09 | $12.37 | $3,415.55 |
| 179 | Jun 30, 2040 | $1,714.46 | $1,706.21 | $8.25 | $1,709.34 |
| 180 | Jul 31, 2040 | $1,713.47 | $1,709.34 | $4.13 | $0.00 |
| Year 2040 | $12,000.23 | $11,885.08 | $115.15 | $0.00 |
In Conclusion
Borrowers who can afford higher monthly payments should consider a 15-year fixed-rate mortgage. Despite the larger payments, it significantly reduces your total interest cost compared to a 30-year loan. It also allows you to gain equity and home ownership a lot sooner. If you pay your mortgage faster, you can prepare for other major life changes such as sending your child to college or retirement.
However, if you are not ready for a 15-year mortgage, you may opt for a longer term. Once you’ve saved enough funds and increased your credit score, you may qualify for refinancing. Just make sure to refinance early into the loan term. Other homebuyers use this as a strategy to shorten their payment duration. Take advantage of low interest rates to refinance to a 15-year term.