For homeowners or homebuyers

15-year fixed loan

Benefit from lower monthly payments and a steady interest rate. Ideal for buying or refinancing.

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Is a 15-year Fixed Loan for you?

Faster Payoff

Mortgage is paid in 15 years, half the time of a 30-year loan.

Fixed Rate

Your interest rate and principal & interest payment remain constant for the entire loan term. No surprises.

Higher Monthly Payments

Monthly payments are larger than a 30-year loan due to the shorter term. Make sure this fits your monthly cash flow.

Save on Interests

You’ll pay much less total interest over the loan’s life compared to a 30-year option, saving thousands.

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Understanding the guidelines

These are general pointers. If they sound like you, let’s talk—no pressure. We’ll explore if this 15-year fixed loan is your best fit or find one that truly matches your goals.

Loan purpose

Use this loan to buy a home or refinance your current one. We guide you through both.

About refinancing

Credit profiles

Lenders typically look for a score of 620+. Let’s review your credit picture together.

About credit

Debt to income

Your DTI should ideally be under 45% to manage new payments.

About DTI ratios

Closing costs

These are fees for loan services, separate from down payment.

About closing costs

Estimate Your Possibilities

Use our calculators to explore numbers and understand what might work for you.

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Frequently asked questions.

You asked about this loan. We listened. Here are answers based on research from fellow homebuyers, like you.

A 15-year fixed-rate mortgage is a home loan repaid over 15 years with an interest rate that remains constant throughout the loan term. This results in predictable principal (the amount borrowed) and interest payments each month. Homebuyers choose this option to pay off their mortgage faster and save significantly on total interest compared to longer-term loans.

A 15-year fixed-rate mortgage is suitable if you can comfortably afford higher monthly payments and prioritize paying off your home quickly to save on interest. It’s ideal for borrowers with stable, higher incomes who want to build equity (your ownership stake) faster. Carefully assess if the larger payments fit your budget without straining other financial goals.

The typically lower interest rates on 15-year mortgages mean you pay substantially less interest over the life of the loan—often tens of thousands of dollars less—compared to a 30-year loan. This lower rate, combined with the shorter term, accelerates how quickly you build equity and own your home outright. Lenders generally offer these more favorable rates because the faster repayment schedule and quicker equity accumulation mean less long-term risk for them.

Managing higher 15-year mortgage payments requires diligent budgeting and a stable income. It’s wise to have a robust emergency fund to cover payments during unexpected financial challenges. Consistently making these larger payments on time will rapidly increase your home equity and lead to full homeownership much sooner.

Qualifying for a 15-year mortgage generally requires a higher income to manage the larger payments and a lower debt-to-income (DTI) ratio. Lenders will also closely assess your cash flow discipline and stability, as these loans demand a significant portion of your monthly budget, which can impact discretionary spending and other savings plans. Ensure your credit score is strong and you have a consistent employment history to improve your chances.

With a 15-year fixed-rate mortgage, home equity builds much faster than with longer-term loans. Because a larger portion of each higher monthly payment goes directly towards reducing the principal balance from the very beginning. This rapid equity accumulation is a key advantage, offering financial flexibility and wealth building at an accelerated pace.