15-Year Fixed Mortgages

Pay off your loan sooner and save significant money in interest.

Who Are 15-Year Fixed Loans Best For?

If you want to save money in interest by paying off your loan sooner, a 15-year fixed loan could be the ideal option for you.

The 15-year fixed is great for people who have a solid financial situation and the means to take on larger payments as a way to save significantly over the life of the loan.  

How Do 15-Year Fixed Loans Work?

With a 15-year fixed rate loan, you’ll completely pay off your mortgage in just 15 years.

Because your interest rate is locked, your principal and interest payments won’t change, but your taxes and insurance can fluctuate.

How Do I Qualify For A 15-Year Fixed?

  • General minimum 3% – 3.5% down payment
  • Minimum 580 – 620 qualifying FICO® Score
  • Debt-to-income ratio (DTI) of no more than 50%
  • 3% – 6% of the purchase price to cover closing costs

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15-Year Fixed Mortgage Rates

Product Rate APR
Conforming 15 Year Fixed 5.25% 5.742%
FHA 15 Year Fixed 5.5% 6.771%
VA 15 Year Fixed 5.625% 6.504%
15-year Fixed-Rate Loan: An interest rate of 5.25% (5.742% APR) is for the cost of 2.00 point(s) ($4,000.00) paid at closing. On a $200,000 mortgage, you would make monthly payments of $1,607.76. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 74.91%.15-year FHA Fixed-Rate Loan: An interest rate of 5.50% (6.771% APR) is for the cost of 2.00 Point(s) ($4,070.00) paid at closing. On a $203,500 mortgage, you would make monthly payments of $1,736.27. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 74.91%. Payment includes a one-time upfront mortgage insurance premium at 1.75% of the base loan amount and a monthly mortgage insurance premium (MIP) calculated at 0.45% of the base loan amount. For mortgages with a loan-to-value (LTV) ratio of 74.91%, the 0.45% monthly MIP will be paid for the first 11 years of the mortgage term. Thereafter, the monthly loan payment will consist of equal monthly principal and interest payments until the end of the loan.15-year Fixed-Rate VA Loan: An interest rate of 5.625% (6.504% APR) is for a cost of 2.00 Point(s) ($4,092.02) paid at closing. On a $204,601 mortgage, you would make monthly payments of $1,685.37. Monthly payment does not include taxes and insurance premiums. The actual payment amount will be greater. Payment assumes a loan-to-value (LTV) of 76.63%. VA loans do not require PMI. The VA loan is a benefit of military service and only offered to veterans, surviving spouses and active duty military.

15-Year Fixed Mortgage Benefits

  • You’ll pay off your mortgage faster than with other loans.
  • You can pay off your mortgage at any time without prepayment penalties.
  • You may be able to avoid mortgage insurance with a down payment of 20% or higher.
  • Your interest rate is fixed for the life of the loan, so you don’t have to worry about rising rates.
  • You can buy a home with as little as 3% down.
  • You can refinance your home for up to 97% of its value.

Mortgage Insurance Requirements

You’ll have to pay primary mortgage insurance (PMI) with your 15-year fixed-rate loan if your down payment is less than 20%.

  • This typically costs  5% –      1% of your loan amount per year, spread over 12 payments.
  • Once you reach 20% equity in your home, you may be able to request to cancel PMI.
  • PMI is often canceled automatically once you reach 22% equity.

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