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What is a 15-year Fixed Mortgage?

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This type of loan is the same as the 30-year fixed rate loan except the life of the loan is 180 months (15 years) as opposed to 360 months (30 years). Since the loan is being paid faster than both a 30-year fixed rate loan and a 20-year fixed rate loan, monthly payments for this type loan can be higher.

At the same time, interest rates on 15-year fixed rate loans are often lower than on a 20- or 30-year fixed rate loan. By paying off your mortgage in a shorter time frame, you pay significantly less interest than you would over a longer loan period.

The Benefits:

  • A simple and easy to understand fixed monthly payment that remains the same throughout the term of the loan.
  • Fixed rate protects against fluctuations in rate due to market conditions.
  • Lets you build home equity through increasing monthly principal payments.
  • You pay significantly less interest on the amount you have borrowed due to the short duration of the loan.
  • You save money over the life of the loan due to a lower interest rate and loan term.

 

 

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