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Benefits of a 15-Year Fixed
Pay Less Interest over the Course of Your Loan
- Rest easy knowing your monthly principal and interest payment won’t change.
- Pay off your mortgage faster than with other loans.
- Buy your primary home with as little as 3% down.
- Refinance your primary home for up to 97% of its value.
- Today’s low interest rate for a 15-year fixed is 3.5% (3.979% APR), and the interest rate for a 30-year fixed is 4.125% (4.391% APR).
Why You Should Choose Quicken Loans
- You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.
- Our Home Loan Experts are available to answer your questions and help you understand the details so you get the right mortgage for you.
- After you close your loan, you can manage your mortgage online without any hidden fees.
- We service 99% of our mortgages, which means you can expect our great customer service to continue after you close.
Other Popular Loan Options
How a 15-Year Fixed Works
- You’ll pay off the mortgage in 15 years. Because you’ll pay off the loan faster than a 30-year mortgage, you’ll pay less in interest over the life of the loan.
- You can pay down your mortgage at any time without prepayment penalties.
- Your payment will go toward paying the principal (the amount you borrow) and interest (a fee you agree to pay when borrowing the money). It will also be used to pay your taxes and insurance.
- With a fixed interest rate, your principal and interest payments won’t change over the life of the loan. The amount for your taxes and insurance can go up and down.
- You might have to pay for mortgage insurance. This depends on your down payment if you’re buying a home, or how much equity you have if you’re refinancing.
Communication Consent & Disclaimers
Click to see our assumptions
- 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 40 days.
- The loan to value (LTV) ratio is 75%. 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 4.125% and 75.00% loan-to-value (LTV) is $969.3 with 2 points due at closing. The Annual Percentage Rate (APR) is 4.391%. 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 3.50% and 75.00% loan-to-value (LTV) is $1429.77 with 2.125 points due at closing. The Annual Percentage Rate (APR) is 3.979%. 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.
Communication Consent:
By submitting your contact information you agree to our Terms of Use and our Security and Privacy Policy. You also expressly consent to having Quicken Loans, our Family of Companies, and potentially our mortgage partners contact you about your inquiry by text message or phone (including automatic telephone dialing system or an artificial or prerecorded voice) to the residential or cellular telephone number you have provided, even if that telephone number is on a corporate, state, or national Do Not Call Registry. You do not have to agree to receive such calls or messages as a condition of getting any services from Quicken Loans or its affiliates. By communicating with us by phone, you consent to calls being recorded and monitored.