15 Year Fixed Mortgage Loans
Looking for a way to pay off your home faster and save on interest? A 15 year fixed mortgage could be the right move. With a lower interest rate and shorter term than a traditional 30-year loan, it’s a smart option for homeowners focused on long-term savings and building equity quickly.
Why Choose a 15 Year Fixed Mortgage?
A 15-year fixed loan gives you predictable payments and helps you own your home outright sooner. It’s especially appealing if you’re financially stable, want to minimize interest paid, or are looking to refinance from a longer loan term.
Benefits include:
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Lower interest rates compared to 30-year loans
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Pay off your mortgage in half the time
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Build home equity faster
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Save tens of thousands in long-term interest
Is a 15 Year Mortgage Right for You?
This loan may be ideal if:
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You’re looking to refinance to a shorter term
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You’re close to retirement and want to be mortgage-free
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You’re a high-income earner focused on long-term savings
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You’re buying a home you plan to keep long-term
Compare Loan Terms
| Term Length | Interest Rate | Monthly Payment | Total Interest Paid |
|---|---|---|---|
| 15 Year Fixed | Lower | Higher | Much Lower |
| 30 Year Fixed | Slightly Higher | Lower | Higher Over Time |
Shorter term = less interest. The tradeoff is higher monthly payments — but greater financial freedom in the long run.
What to Know Before Choosing a 15 Year Fixed Mortgage
While a 15 year fixed mortgage offers significant long-term savings, it’s important to understand the monthly payment will be higher than a 30 year loan. That’s because you’re compressing the repayment timeline — but the benefit is accelerated equity and reduced total interest. This loan type is ideal for financially stable buyers, investors, or homeowners planning to stay put and maximize long-term value. Not sure if it fits your budget? We’ll walk you through the numbers and help you compare all your options.
Do I Qualify?
As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
- Fixed Rates
- Conforming Loans
- Jumbo & Super Jumbo Loans
- FHA, VA, & USDA Loans
- Terms from 5 to 30 Years