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15-Year Fixed Mortgage
Pay less interest. Build equity faster.
A 15-year fixed mortgage accelerates your path to full ownership and saves tens of thousands in interest, for buyers who can handle the higher monthly payment.
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What It Is
Own it outright. Faster.
A 15-year fixed mortgage cuts your loan term in half compared to a 30-year, which means you pay significantly less total interest over the life of the loan, often tens of thousands of dollars less.
The trade-off is a higher monthly payment. But you also typically get a slightly lower interest rate than a 30-year, and you build equity at nearly twice the speed. For buyers focused on financial independence and wealth building, a 15-year mortgage is a powerful tool.
Who It's For
- Buyers with strong income who want to eliminate their mortgage faster
- Homeowners refinancing who want to reset on a shorter timeline
- Pre-retirement buyers who want the home paid off before they stop working
- Wealth builders prioritizing low total cost over low monthly payment
How It Works
01
$400,000 loan at 7%, 30-year
Monthly payment: ~$2,661 · Total interest paid: ~$558,000
02
$400,000 loan at 6.5%, 15-year
Monthly payment: ~$3,488 · Total interest paid: ~$228,000
03
Total interest savings
~$330,000 saved over the life of the loan. Plus you own the home free and clear 15 years sooner.
15-Year Fixed Quick Facts
- Typically lower rate than a 30-year fixed
- Build equity nearly twice as fast
- Save significantly on total interest paid
- Own your home free and clear in 15 years
- Great option when refinancing an existing mortgage