15-Year Fixed-Rate Mortgage
Why Choose a 15-Year Fixed-Rate Mortgage
Pay off your home sooner while saving significantly on interest over the life of your loan.
Own Your Home Sooner
Pay off your mortgage in 15 years instead of 30.
Pay Less Interest
A shorter repayment term and lower rate could save you tens of thousands of dollars in total interest over the life of your loan.
Accelerate Equity Growth
More of each payment goes toward principal, helping you build equity in your home faster.
How a 15-Year Fixed-Rate Mortgage Works
Rate
Same interest rate for the life of the loan.
Term
Pay off your loan in 15 years.
Principal + Interest
Predictable monthly payments from start to finish.
Taxes + Insurance
Tax and insurance costs may change over time and are sometimes paid through an escrow account.
The Breakdown
3%
Minimum Down Payment
620+
Credit Score
≤45%
Debt-to-Income Ratio
Run the Numbers
Find Out What You Could Afford
See Your Estimated Monthly Payment
See if a 15-Year Fixed-Rate is Right for You
Answer a few quick questions and we'll show you the rate and estimated monthly payment you could qualify for.
Speak With a Loan Officer
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Frequently Asked Questions
What is a 15-year fixed rate mortgage?
A 15-year fixed-rate mortgage is a home loan that is repaid over 15 years, vs. the more common 30-year timeframe, with a fixed interest rate. Because the term is half as long as a 30-year mortgage, your monthly payment will be higher, but you will be applying more money to principal each month, enabling you to save significant amounts of money in interest and build equity faster over the life of the loan.
Should I refinance from a 30-year fixed-rate mortgage to a 15-year fixed rate mortgage?
This depends on your financial goals. If you can comfortably afford a higher monthly payment and want to build equity faster—or save thousands of dollars in interest—a 15-year fixed-rate mortgage could make sense.
Can I get an FHA or VA 15-year fixed-rate mortgage?
Yes. Both FHA and VA offer a 15-year fixed-rate mortgage.
loanDepot.com, LLC is not acting on behalf of or at the direction of HUD/FHA, the U.S. Dept. of Veterans Affairs, the U.S military or the federal government.
By refinancing the existing loan, the total finance charges may be higher over the life of the loan.