A 15 year fixed mortgage cuts the payoff time in half. The monthly payment is higher than a 30 year loan, but much more of each payment goes to principal and the total interest paid over the life of the loan is far lower.
Who it fits
Refinancing without restarting
Owners refinancing who do not want to restart a 30 year clock
Refinance optionsStrong income for the price
Buyers with strong income relative to the home price
Payment calculatorMortgage free by retirement
Owners planning to be mortgage free by retirement
Plan a refinanceTotal cost over payment
Anyone focused on total cost over monthly payment
Compare 30 yearHow it works
The structure is the same as a 30 year fixed, just compressed. Because the lender's money is at risk for less time, 15 year loans are typically priced differently than 30 year loans.
We will show you both payments side by side, plus a middle option like a 20 year term.
Key facts
- Term
- 180 monthly payments
- Equity
- Builds much faster than a 30 year loan
- Best for
- Refinances and buyers with room in the budget
- Also ask about
- 20 and 25 year terms
Common questions
How much higher is a 15 year payment?
It depends on the loan amount and pricing on the day. Plug your numbers into our calculator and switch the term to see the difference.
Can I get a 15 year FHA or VA loan?
Yes, both offer 15 year terms.
What if the payment is too high?
Consider a 20 year term, or take a 30 year loan and pay extra when you can.
