Today’s low 15-year fixed rates can mean major savings for you
- Do you want to pay less interest over the course of your loan?
- Do you want the security of a consistent rate and payment?
- Do you want to pay off your mortgage as fast as possible?
Example: $200,000 loan amount, paying 1.875 points, with 30% equity on today’s rate
Over the life of your loan,
a 15-year could save you:
4.25% (4.516 APR)
= $984 per month
3.375% (3.777 APR)
= $1,418 per month
Why you should choose Quicken Loans
- Only Quicken Loans offers you the Closing Cost Cutter and PMI Buster. Find out how these great options can help guide you to the best decision to meet your financial goals.
- We close the majority of our loans in 30 days or less!
- Our exclusive online tools like MyQL let you track your mortgage process from start to finish, and our Mortgage Calculator app gives you rates right on your phone.
- We can find your perfect loan, and close it fast. Kevin, of Greene, ME, said, ‘Compared to other mortgage processes I’ve recently experienced, this team and process were by far the best.’
15-year fixed-rate mortgage qualification requirements
- Refinance up to 95% of your primary home’s value
- Buy a home with as little as 5% down (primary home)
How a 15-year fixed-rate mortgage works
- Monthly payments based on interest rate, principal loan amount, and amortized interest over 15 years
- Your payment will not change throughout the life of the loan
- Your actual payment will vary based on your situation and the current interest rates when you apply
- Pay your mortgage at any time without pre-payment penalties
Learn more about 15-year fixed-rate mortgages
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- Mortgage rates could change daily.
- Actual payments will vary based on your individual situation and current rates.
- Some products may not be available in all states.
- Some jumbo products may not be available to first time home buyers.
- Lending services may not be available in all areas.
- Some restrictions may apply.
- Based on the purchase/refinance of a primary residence with no cash out at closing.
- We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 720, or in the case of certain Jumbo products we assume a credit score over 740; and an escrow account for the payment of taxes and insurance.
- The lock period for your rate is 45 days.
- The loan to value (LTV) ratio is 70%. If LTV > 80%, PMI will be added to your monthly mortgage payment, with the exception of Military/VA loans. Military/VA loans do not require PMI.
- Please remember that we don’t have all your information. Therefore, the rate and payment results you see from this calculator may not reflect your actual situation. Quicken Loans offers a wide variety of loan options. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call (800) 251-9080 to talk to one of our mortgage experts.
30-Year Fixed-Rate Mortgage: The payment on a $200,000 30-year Fixed-Rate Loan at 4.25% and 70% loan-to-value (LTV) is $983.88 with 2.25 points due at closing. The Annual Percentage Rate (APR) is 4.516%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.
15-Year Fixed-Rate Mortgage: The payment on a $200,000 15-year Fixed-Rate Loan at 3.375% and 70% loan-to-value (LTV) is $1417.52 with 1.875 points due at closing. The Annual Percentage Rate (APR) is 3.777%. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.