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$100,000 Mortgage Over 15 Years
Use this page when you are weighing a $100,000 mortgage with a 15-year term. It starts from a 5.5 percent rate. Change it to match your own.
Expect 180 payments of about $817.08. Together they repay the $100,000 loan plus $47,075 of interest.
How the payment is worked out
The standard loan formula has three inputs: the amount of $100,000, the monthly rate of 0.4583 percent and 180 payments. Multiply the amount by the rate. Then divide the result by one minus one over the growth factor, which is one plus the monthly rate raised to the power of 180.
Worked example
Say you borrow $100,000 at 5.5 percent for 15 years. The payment is $817.08 a month. In month one, $458.33 pays interest and $358.75 reduces the balance.
Over the whole loan you pay $147,075. About 47 cents of each borrowed dollar goes to interest.
Questions about this calculator
Is it better to put extra money toward a $100,000 mortgage over 15 years or save it elsewhere?
The calculator can only show what extra payments do. On this loan an extra $80 a month saves $6,766 of interest and ends the loan 1 year 11 months sooner. Whether that beats saving or investing the money depends on your other goals and on what you could earn elsewhere.
What if the rate on a $100,000 mortgage over 15 years were one point higher?
The payment would rise from $817.08 to $871.11, which is $54.02 more each month. One point lower would give $764.99.
Would paying $80 extra each month shorten a $100,000 mortgage over 15 years?
Yes. On this $100,000 loan an extra $80 each month ends the loan 1 year 11 months sooner and saves $6,766 of interest.
Is 15 years the right length for a $100,000 mortgage?
It depends on the monthly payment you can carry. At 5.5 percent this term costs $817.08 a month. A 30-year term would cost $567.79 a month and $104,404 in interest, compared with $47,075 over 15 years.
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This page is for education only and is not financial or tax advice.