Who a 15-year loan fits
It works well for borrowers with strong, stable income who can comfortably afford a higher payment, and for homeowners who want to be mortgage-free before retirement.
Back to topics15-Year Fixed Mortgage
A 15-year fixed mortgage builds equity quickly and saves a significant amount of interest over the life of the loan, with a rate that never changes.
What is a 15-Year Fixed Mortgage?
A 15-year fixed mortgage has a locked interest rate and is fully paid off in 15 years. Rates are typically lower than on a 30-year loan, and because you borrow for half the time, total interest is dramatically lower. The trade-off is a higher monthly payment.
Lower rates
15-year rates are usually below 30-year rates.
Faster equity
More of each payment goes to principal from day one.
Big interest savings
Pay a fraction of the interest of a 30-year loan.
Debt-free sooner
Own your home outright in 15 years.
Is a 15-Year Fixed Mortgage right for you?
Who it is for
- Borrowers who can handle a higher payment
- Homeowners who want to be mortgage-free sooner
- People refinancing later in their career
Benefits
- Lower rate than a 30-year fixed
- Much less total interest
- Builds equity quickly
Things to consider
- Higher monthly payment
- Less monthly flexibility
- A larger payment can make qualifying harder
Everything about the 15-Year Fixed Mortgage
Choose a topic to jump to the details.
Who a 15-year loan fitsRefinancing into a 15-yearComparing paymentsConsider 20 or 25 years15-Year Fixed Mortgage FAQs
Refinancing into a 15-year
Many homeowners refinance from a 30-year into a 15-year once their income grows. We can show you whether the new payment and savings make sense.
Back to topicsComparing payments
Use the calculator on our home page to compare 15 and 30-year payments at the same rate, then talk with us about the rate difference.
Back to topicsConsider 20 or 25 years
If a 15-year payment is too tight, 20 and 25-year terms split the difference. You can also take a 30-year loan and prepay voluntarily, keeping the lower required payment as a safety net.
Back to topicsHow to apply
- 1
Request a call back
Tell us about your goals. A loan officer will confirm whether this program is the right fit.
- 2
We prepare the application
We fill out the application with you and send a secure list of documents to upload.
- 3
Approval and closing
We handle appraisal, underwriting and title, keeping you updated by phone, text or email.
Documents to have ready
- Standard income, asset and credit documents for the loan program you choose
Every file is different. Your loan officer will send an exact list.
15-Year Fixed Mortgage FAQs
Have a question that is not answered here? Ask a loan officer.
How much more is a 15-year payment?
It is often 40% to 60% higher than a 30-year payment on the same loan amount, depending on rates.
Can I get a 15-year FHA or VA loan?
Yes. Most programs offer 15-year terms.
Is a 20-year or 10-year term available?
Yes. We offer a range of fixed terms.
Should I just pay extra on a 30-year instead?
That keeps flexibility, but a 15-year usually comes with a lower rate. We can model both.
Is a 15-year always better?
Not always. If a higher payment would drain savings, a 30-year loan with voluntary extra payments can be the safer choice.
Talk to a loan officer
Talk with us about a 15-Year Fixed Mortgage
Tell us a little about your plans. A licensed loan officer will call you, usually the same business day.
- No cost and no obligation
- We can fill out the application for you
- Evening and weekend calls available
Prefer to call? (800) 592-8882
Related programs
30-Year Fixed Mortgage
I want the lowest predictable monthly payment
The same principal and interest payment for 30 years.
Learn more
Rate & Term Refinance
I want a lower rate or a different term
Replace your current mortgage to lower your rate, payment or term.
Learn more
Conventional Loan
I want a flexible loan with competitive rates
Not government-insured. Low down payment options and PMI that can be removed.
Learn more