Question 1

Should I choose a 15-year or 30-year fixed mortgage?

Accepted Answer

A 15-year fixed mortgage usually has a higher monthly payment than a 30-year, but you typically pay far less total interest and build equity faster. If the payment fits comfortably, it can be a great long-term savings move. Run both options side-by-side with our [mortgage calculator](/calculators/mortgage).

Question 2

How much more is the monthly payment on a 15-year compared to a 30-year?

Accepted Answer

It depends on your loan amount and rate, but the 15-year payment is commonly 25%–40% higher than the 30-year for the same loan size. The trade-off is a much shorter payoff timeline and lower total interest. Compare exact numbers using our [mortgage calculator](/calculators/mortgage).

Question 3

Are 15-year mortgage rates usually lower than 30-year rates?

Accepted Answer

Often, yes. 15-year fixed rates are commonly lower than 30-year fixed rates because the lender’s risk period is shorter. The difference can vary by market conditions. Check current trends on our [mortgage rates](/mortgage-rates) page.

Question 4

Who is a 15-year fixed mortgage best for?

Accepted Answer

A 15-year can be a strong fit if you have steady income, want to pay off your home quickly, or you’re focused on minimizing interest. If you want a lower required payment but still plan to pay extra, compare it against a 30-year using our [mortgage calculator](/calculators/mortgage).

Question 5

Is it better to take a 30-year and pay extra instead of choosing a 15-year?

Accepted Answer

Sometimes. A 30-year gives flexibility (lower required payment), and paying extra can mimic a shorter term. A 15-year may offer a lower rate and forces faster payoff discipline. The best choice depends on your budget stability and goals—compare both strategies in our [mortgage calculator](/calculators/mortgage).

Question 6

Can I refinance into a 15-year later?

Accepted Answer

Yes. Many homeowners start with a longer term to keep payments lower and later refinance into a 15-year when income rises, debts drop, or equity increases. If you’re considering a switch, you can [apply online](/app).

Question 7

What credit score and down payment do I need for a 15-year fixed?

Accepted Answer

15-year fixed loans typically follow similar qualification rules as other conventional fixed loans—credit, income, and down payment requirements vary by lender, loan size, and property type. If you’re not sure where you stand, the fastest way to get clarity is to [apply online](/app).

15-year fixed

Pay off your home sooner — save thousands in interest, build equity twice as fast, and enjoy true financial freedom in half the time.

Fixed Interest Rate

3% Down Payment

Pay Less Interest

No Prepayment Penalties

Real answers. Real people.

Estimate and explore

Mortgage calculator

Refinance calculator

Mortgage payoff calculator

Frequently Asked Questions

Buy or refinance with a 15-year fixed home loan