15-Year Mortgage Calculator: $400,000 at 20% Down
Calculate your monthly mortgage payment from the home price, down payment, rate and term — with property tax and insurance included.
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Result
About this tool
This page opens the mortgage calculator prefilled with a 15-year comparison scenario: the same $400,000 home and 20% down as the classic 30-year case, but a 180-month term and a 6% rate — lenders typically price 15-year loans a bit lower than 30-year ones, and the numbers below reflect that.
Halving the term does not halve the payment: on the $320,000 principal, the monthly principal and interest comes out to roughly $2,701 — about $680 more per month than the 30-year version — but every one of those extra dollars goes toward paying down the loan rather than financing it.
That trade-off is the entire case for a 15-year mortgage: a noticeably higher required payment in exchange for a dramatically smaller total interest bill and full ownership in half the time. Compare the total interest figure here against the 30-year preset to see the difference in dollars, not just in years.
Example. A 200000 home price with 40000 down, 6 percent interest, a 30 year term, and zero tax and insurance returns a principal-and-interest payment of 959.28 on the 160000 loan.
Limit. A down payment that is not strictly below the home price is rejected, and tax plus insurance are added as a flat monthly extra rather than escrowed by a lender rule.