15-year fixed-rate mortgage information
Learn how a shorter fixed term changes the required payment, payoff schedule, and total interest.
Discuss fixed-rate term options
Is a 15-year fixed-rate mortgage right for you?
What is a 15-Year Fixed-Rate Loan?
A 15-Year Fixed-Rate loan is exactly what you'd think: a loan that lasts 15 years with the interest rate remaining the same throughout. While the payments are higher, a shorter loan term also means you will own your home faster.
A shorter payoff schedule can reduce scheduled interest, but it also increases the required principal-and-interest payment for the same balance and rate.
Review the payment, rate, annual percentage rate, points, fees, reserves, and long-term goals for the complete scenario.
What to review
Discuss these items with a licensed mortgage professional:
- The required principal-and-interest payment
- The rate, annual percentage rate, points, and fees
- The payoff schedule and total scheduled interest
- Reserves, other obligations, and long-term goals
Important 15-year term considerations
A 15-year fixed-rate mortgage keeps its principal-and-interest rate structure for the loan term. The higher required payment and shorter payoff schedule must fit the complete budget.
View verified contact details Required monthly
payment
Payoff schedule
and interest
Points, fees, and
closing costs
Discuss fixed-rate term options
A licensed mortgage professional can compare verified term, payment, rate, and cost information for your complete scenario.
View contact optionsThis page provides general information only. It is not a loan approval, commitment, eligibility decision, or rate quote. Program, lender, property, credit, and documentation requirements can vary.