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15 Year Fixed Rate Mortgage

The financially savvy borrower considers a 15 year fixed rate mortgage an excellent option because it can save you thousands of dollars in interest over the life of the loan. With a 15 year fixed mortgage you pay off your loan sooner, but still have the benefit of a monthly payment that never changes. It is an excellent mortgage choice for many borrowers, whether you are looking to purchase or refinance. The long term savings do, however, come with a tradeoff, as your monthly payments will be higher than those on a 30-year mortgage.


Is a 15 year fixed rate the right choice for you?


  • Are you comfortable with a higher payment in return for substantial long term savings? Individuals who can handle a higher payment often choose a 15 year fixed mortgage in order to pay off their loan faster and build equity quicker than they would with a 30 year mortgage.


  • Do you want the security of a consistent rate and payment? If you're looking for protection against rate fluctuations and you can afford a higher monthly payment a 15 year fixed rate mortgage might be exactly what you are looking for.

 


Here is a comparison of a 15 and 30 year $250,000 mortgage*


30 year mortgage at 3.75% -  Total Interest Paid: $166,804


15 year mortgage at 3.50% -  Total Interest Paid: $71,697


Over the life of the loan, a 15-year saves you over $95,000!


*Historically, rates for 15 year mortgages are .25% less than equivalent 30 year mortgages. These rates are for comparison only and do not necessarily reflect today's rates.

 
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