15 Year Fixed Rate Mortgage

Yes! You can make a down payment bigger than 3%. The more you put down, the lower your monthly mortgage payment will be. Or you could go with the lowest down payment and use the remaining funds for closing costs. We’ll help you determine which strategy is best for you.

If you get a 15-year fixed-rate mortgage and make all your payments as scheduled, the mortgage will be paid off completely in 15 years. Your interest rate stays the same for the entire length of the mortgage. There are different types including conventional, FHA, VA, and jumbo — we can help you find what’s best.

A 15-year mortgage has higher monthly payments but saves you significantly on total interest paid. You’ll also build equity faster and typically get a lower interest rate. A 30-year mortgage offers lower monthly payments but costs more in interest over the life of the loan. The right choice depends on your budget and financial goals.

Pros: You’ll pay less interest overall, interest rates are typically lower than 30-year loans, and you build equity faster. Cons: Higher monthly payments due to the shorter term, potentially lower home affordability since the higher payment increases your DTI ratio, and less money available for savings or other expenses.

A 15-year fixed-rate loan is a great option for home buyers and refinancers who can handle a higher monthly payment to pay off their loan faster, want to take advantage of lower interest rates, or want to build equity more quickly.