The interest rate stays fixed, so the principal-and-interest portion of the payment is predictable for the life of the loan.
15-YEAR FIXED MORTGAGE
15-Year Fixed Rate Mortgage
Pay off your home in half the time and save significantly on total interest. The stronger choice when your budget supports a higher monthly payment. Available across our seven licensed states.
Independent Brokerage, Many Lenders
Licensed in 7 States
NMLS #2367229
Decades of Combined Experience
FIXED-RATE MORTGAGE
What Is a 15-Year Fixed Mortgage?
A 15-year fixed mortgage is a home loan with a fixed interest rate and a 15-year repayment term. Buyers and homeowners choose it for predictable principal-and-interest payments and a faster payoff than a 30-year mortgage.
The payment is higher than a longer-term loan. In exchange, the shorter term substantially reduces total interest and builds equity faster.
Payment Stability
Faster Payoff
A 15-year term pays the loan off in half the time compared with a 30-year fixed mortgage.
Lower Total Interest
Because the loan is repaid over fewer years, you pay substantially less interest over the life of the loan.
15-YEAR VS 30-YEAR
How Much Do You Actually Save With a 15-Year?
A 15-year fixed usually costs more each month and dramatically less over the life of the loan. Both of those are true at the same time, and which one matters more depends entirely on your budget.
Because the term is half as long, total interest is substantially lower than on a comparable 30-year. A 15-year also typically prices at a lower rate than a comparable 30-year, which compounds the savings. The cost is a materially higher required payment with no lower fallback built in.
| Item | 15-Year Fixed | 30-Year Fixed |
|---|---|---|
| Monthly payment | Meaningfully higher | Lower |
| Interest rate | Typically lower than a comparable 30-year | Typically higher than a comparable 15-year |
| Total interest paid | Substantially lower | Higher |
| Equity build | Faster | Slower |
| Best fit | When the budget comfortably supports a higher payment | Cash-flow flexibility, or when a higher payment would strain the budget |
THE TRADE OFF
Is the Higher Payment Worth It?
A 15-year payment is not for every budget, and there is no lower fallback built in. Look honestly at your full budget before committing, not just whether the payment technically fits.
For buyers who can comfortably afford it, the payoff shows up quickly. A 15-year borrower builds equity several times faster in the early years than a 30-year borrower on the same loan amount, because far more of each payment goes to principal from the first month forward.
The bottom line: A 15-year fixed can build equity faster, while a 30-year fixed offers a lower required monthly payment.
Every borrower’s numbers are different. Use the calculator to model your own scenario, or talk with us and we will run both side by side with real pricing for your file.
WHAT CHANGES, WHAT DOES NOT
Is the Whole Payment Really Fixed?
Not quite, and this surprises people at their first escrow analysis.
Fixed for 15 Years
Your interest rate and your principal-and-interest payment remain fixed for the full 15-year loan term.
Not Fixed
Property taxes, homeowners insurance, and any HOA dues are not fixed. These costs may be collected through escrow and can change as tax assessments, insurance premiums, or association dues change. As a result, your total monthly payment may change even though your mortgage rate does not.
Removable
Mortgage insurance, if applicable, may be removable. On a conventional loan, it can typically be removed once you build enough equity, which may lower your monthly payment without refinancing.
We walk through your full payment, not just principal and interest, so the number you plan around is the number you actually pay.
YOUR RATE
What Determines the Rate You Are Offered?
Advertised rates assume an ideal borrower. Yours is built from your specific file:
Credit Profile
The single biggest lever. Higher scores generally price better.
Down Payment or Equity
More skin in the game usually means a better rate.
Occupancy
Primary residences price better than second homes and investment properties.
Points and Credits
You can pay points to buy the rate down, or take a lender credit for a higher rate to reduce closing costs. We show you both so you can pick.
THE BROKER ADVANTAGE
One Broker. Many 15-Year Fixed Options.
A bank can only offer what that bank sells. If their 15-year pricing is uncompetitive this week, you will never hear about it, because they have no reason to tell you.
We are independent. We compare 15-year fixed pricing across our lender network and show you the rate, fees, credits, and cash to close side by side. Because brokers access wholesale pricing, those options often beat what the same borrower would be quoted at a retail branch.
If a 30-year or an adjustable-rate loan fits you better, we will tell you that too.
FIFTEEN YEAR FIXED FAQ
Questions Buyers Ask About the 15-Year Fixed
What is a 15-year fixed mortgage?
A 15-year fixed mortgage is a home loan repaid over 15 years at an interest rate that never changes. The payment is higher than a 30-year loan because you are paying the balance down twice as fast, but the rate is usually lower and the total interest paid over the life of the loan is dramatically less. Every payment is the same from the first month to the last.
How much more is a 15-year payment than a 30-year payment?
A 15-year payment is meaningfully higher than a comparable 30-year payment, because the balance is repaid in half the time. The 15-year also typically prices at a lower rate, which means substantially less total interest over the life of the loan. Which one fits depends entirely on whether the higher payment sits comfortably in your budget. Use our calculator to model your own scenario, or talk with us and we will run both side by side with real pricing for your file.
Is a 15-year mortgage worth it?
It is worth it if the higher payment still leaves room for retirement contributions, an emergency fund, and normal life. It is not worth it if it makes the budget fragile. A 30-year loan with extra principal payments gives you most of the interest savings with the flexibility to stop in a hard month. That trade-off is the real decision, and it is worth talking through before you commit.
Do 15-year mortgages have lower interest rates?
Usually yes. Lenders price shorter terms lower because their capital is at risk for less time. The gap moves with the market and varies between lenders on the same day. As an independent broker we compare 15-year pricing across our lender network, which is where the difference between a good rate and an average one usually shows up.
Can I refinance from a 30-year into a 15-year?
Yes, and it is one of the most common reasons homeowners refinance. If your income has grown or you are several years into a 30-year loan, moving to a 15-year can shorten the payoff without raising the payment as much as you might expect. We compare the new payment against what you have now before you decide.
What credit score do I need for a 15-year fixed?
Conventional 15-year loans generally start around a 620 score, though the rate you are offered improves as the score rises. Credit is one input alongside income, debts, assets, and the property. Because lenders layer their own requirements on top of program minimums, a file one lender declines can work at another.
Can I pay off a 15-year mortgage early?
Yes. Our loan programs do not carry prepayment penalties. Extra principal payments shorten the term further and reduce total interest. If you are considering a 15-year mainly to force discipline, be aware you can achieve a similar result on a 30-year loan voluntarily while keeping the lower required payment as a safety net.
How long does it take to close a 15-year fixed mortgage?
Closing takes 21 to 30 days in most cases once you have an accepted offer and your documents are in. Pre-approval is usually one to two business days. Timing depends on the property, the appraisal, and how quickly paperwork comes together. We are licensed in Oregon, California, Washington, Idaho, Texas, Florida, and Montana, with offices in Salem and Eugene, Oregon.
Ready to Compare 15-Year Fixed Options?
Tell us your scenario and we will compare 15-year fixed pricing across our lender network, then walk you through the rate, fees, and payment so you can decide with real numbers in front of you. If a different term fits you better, we will say so. No obligation.