15-Year, Fixed-Rate Loans
- All home loan types are eligible
- Payments often higher than 30-year mortgages
- Interest costs often lower than 30-year mortgages
- Monthly interest payments don’t change
30-Year, Fixed-Rate Loans
- All home loan types are eligible
- Payments often lower than 15-year mortgages
- Interest costs often higher than 15-year mortgages
- Monthly interest payments don’t change
Save Money on Interest Payments
15-year, fixed-rate mortgages help you save money on interest over the life of the loan. You can buy, refinance, and get cash from your equity with them. However, your monthly payments are typically higher than 30-year loans.
15-Year, Fixed-Rate Loan Considerations
Interest Rates
15-year loan interest rates are usually lower than 30-year loan interest rates. This is one reason you’ll probably pay less interest over the life of the loan with a 15-year mortgage, compared to a 30-year mortgage. The shorter loan term often decreases the cost of your interest, too.
Credit and Income Requirements
Minimum credit scores for 15-year mortgages are often comparable to those for 30-year mortgages. 15-year loans can have higher income requirements, because they typically have higher minimum monthly payments than 30-year loans.
Down Payments and Closing Costs
Depending on your loan type, you’ll be required to make a down payment when you buy a house with a 15-year, fixed-rate mortgage. Homebuyers who qualify for VA or USDA loans may not need to make a down payment. You’ll pay closing costs on most loans, as well.
Monthly Payments
The minimum monthly payments on 15-year mortgages are generally higher than those for 30-year mortgages. Your principal and interest payments won’t change with a fixed-rate loan. However, changes in the cost of mortgage insurance, homeowners' insurance, or property taxes can change your total monthly payment.
Estimate Your Loan Payments and Savings
Mortgage Payment Calculator
Find out how much you might pay each month for principal, interest, taxes, and insurance.
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Cash Out Refinance Calculator
Discover how much cash you could get from your home's equity to help you reach your goals.
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Refinance Calculator
Find out how much you might save on your payment by lowering your interest rate.
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Mortgage Payment Calculator
Find out how much you might pay each month for principal, interest, taxes, and insurance.
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Cash Out Refinance Calculator
Discover how much cash you could get from your home's equity to help you reach your goals.
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Refinance Calculator
Find out how much you might save on your payment by lowering your interest rate.
Get Started15-Year, Fixed-Rate Mortgage FAQs
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The rate we may be able to offer is based on several factors. Your loan type, income and finances, credit score, and the current market can affect the 15-year mortgage rate you might qualify for.
Freedom Mortgage may be able to offer you a rate that is lower—or higher—than the rate you’ve seen advertised by other lenders. Ask us today what 15-year, fixed-rate we can offer you. Call a loan advisor at 877-220-5533.
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Most lenders offer a 15-year, fixed-rate mortgage for FHA, VA, USDA, and Conventional loans. See the comparison table on this page to learn more about your mortgage choices.
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A 15-year mortgage can help you save money over the life of the loan when you are buying or refinancing a home. However, 15-year loans typically have higher minimum monthly payments than 30-year loans. Our loan advisors can help you decide which loan is right for you.
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Freedom Mortgage can make buying or refinancing a home with a 15-year, fixed-rate loan simpler. To apply with us, call 877-220-5533 and speak with an experienced loan advisor. You can also get started by filling out this online form.
Compare Different Types of Home Loans
| Loan | Eligibility | Minimum Credit Score | Minimum Down Payment | Upfront Fees/ Insurance | Monthly Fees/ Insurance | Streamline Refinancing |
|---|---|---|---|---|---|---|
| Conventional | All homebuyers and owners | Often 620 | Often 5% | No | No with at least 20% equity | No |
| FHA | All homebuyers and owners | Often 550 | As low as 3.5% | Yes | Yes | Yes |
| VA | Veterans, military personnel, surviving spouses only | Often 550 | Often 0% | Yes | No | Yes |
| USDA | Rural and some suburban homebuyers and owners only | Often 620 | Often 0% | Yes | Yes | Yes |
