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15 Year Fixed Rate Mortgage

Same certainty as a 30 year loan, finished in half the time. You get a lower rate, pay far less interest over the life of the loan, and own your home outright in 15 years. The trade-off is a higher monthly payment.

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Licensed in Florida, Tennessee, Georgia and Colorado. NMLS 222883.

15 yrs
To own your home free and clear
Lower
Rate than a comparable 30 year loan
~½
Or less of the total interest on a 30 year loan
20%
Equity at which mortgage insurance ends

How a 15 year fixed rate mortgage works

You borrow a set amount at a set interest rate and repay it in 180 equal monthly payments. The rate never changes, so the principal-and-interest part of your payment is the same in month one and month 180. Only taxes and insurance, if they are collected with the payment, can move from year to year.

Two things make the 15 year cheaper over its life. Lenders typically price it below a 30 year loan, because they get their money back sooner. And because you repay in half the time, interest has half as long to build up. Together those usually mean a borrower pays well under half the total interest a 30 year loan would cost, often far less. A bigger share of each payment goes to principal from the very first month, so equity grows quickly.

The cost is the payment itself. Squeezing the same loan into 15 years instead of 30 typically raises the monthly payment by roughly 40 to 50%, depending on rates. That is why the 15 year suits borrowers with room in their budget, or homeowners refinancing from a 30 year fixed later in life who want the house paid off before retirement. Some people prefer a 30 year loan and simply pay extra when they can; the 15 year locks that discipline in and rewards it with a lower rate.

Is it right for you?

A good fit if

  • You want to be mortgage-free as fast as possible, and the higher payment fits comfortably
  • You are refinancing a 30 year loan you have already paid on for years and want to finish sooner, not start over
  • You want to own your home outright before retirement and free up that money for later
  • You value a fixed payment and the lowest total cost over the life of the loan

Look at something else if

  • The 15 year payment would stretch your budget, or you want the flexibility of a lower required payment (30 year fixed)
  • You expect to sell or refinance within 5 to 10 years and want the lowest payment in the meantime (adjustable rate)
  • Your credit or down payment falls short of conventional guidelines (FHA)
  • You have served in the military (VA), or the home is in an eligible rural area (USDA)

What it takes to qualify

A 15 year fixed follows the same conventional guidelines as a 30 year loan. The one real difference is that the higher payment has to fit within your debt-to-income ratio.

Down payment
Typically 5%, and as little as 3% for qualifying first-time buyers. Gift funds from family are allowed, and down payment assistance can be layered in some cases.
Credit score
Conventional loans generally start around 620. Borrowers in the high 600s and above find it easier to qualify, and scores in the mid-700s and up earn the best pricing.
Debt-to-income ratio
Your total monthly debts, including the new 15 year payment, generally need to stay under about 45% of gross monthly income. Because the payment is higher than a 30 year, this is the guideline that most often decides between the two terms.
Loan amount
Up to the conforming limit, $832,750 in most counties for 2026. Above that, see jumbo loans, which are also available on a 15 year term.
Mortgage insurance
Required when you put down less than 20%. Because a 15 year loan builds equity so quickly, you typically reach 20% equity and shed it years sooner than on a 30 year loan.
Property
Primary homes, second homes and investment property, including single-family homes, townhomes, warrantable condos and 2 to 4 unit properties.

Guidelines are the program's typical requirements, not a commitment to lend. Your loan officer will tell you exactly what applies to your file.

How it compares

The programs people weigh against a 15-year fixed loan most often.

Loan Minimum down Rate Term Mortgage insurance Best for
15-year fixed This page As little as 3%; 5% is typical Fixed, usually lower than a 30-year 15 years Until you reach 20% equity Owning your home outright in half the time, if the higher payment fits your budget.
30-year fixed Conventional As little as 3%; 5% is typical Fixed for the life of the loan 30 years Until you reach 20% equity The lowest fixed monthly payment, and the loan most first-time buyers start with.
ARM Conventional 5% is typical Fixed for an intro period, then adjusts 30 years, with a 5-, 7- or 10-year fixed period Until you reach 20% equity A lower rate for the first several years when you expect to move or refinance before it adjusts.
FHA Government-backed 3.5% minimum Fixed or adjustable 15 or 30 years Upfront and monthly premium Buyers with a smaller down payment, a lighter credit history or more debt than a conventional loan allows.

Compare all eight programs

Getting started

Three steps, and the underwriters, processors and closers all sit in the same office as your loan officer.

  1. Tell us about the home and your goals

    Five minutes online or by phone. No credit pull is needed for a first estimate.

  2. See the numbers side by side

    A loan officer prices a 15-year fixed loan against the closest alternatives so you can compare payment, cash to close and total cost.

  3. Get pre-approved and close

    We verify income, assets and credit, issue your pre-approval letter, and our in-house team takes it through closing.

Get pre-qualified See the full process

Why lock a rate at all? Two minutes on fixed versus adjustable

A 15 year fixed is the most certain loan there is: one rate, done in 15 years. This short video explains what that certainty is worth, and when an adjustable rate might make more sense.

Read the article

15-year fixed loan questions, answered

How much higher is a 15 year payment than a 30 year payment?

For the same loan amount, typically about 40 to 50% higher, depending on where rates are. The 15 year rate is lower, which softens the difference, but you are still repaying the balance in half the time. Your loan officer can price both side by side so you see the exact gap.

How much interest does a 15 year loan save?

A lot. You pay a lower rate and pay it for half as long, so total interest usually comes in well under half of what a 30 year loan would cost. On a typical purchase that is tens of thousands of dollars, sometimes more than a hundred thousand, over the life of the loan.

Should I get a 15 year loan or a 30 year loan and pay extra?

Paying extra on a 30 year loan gives you the option to speed up without the obligation, which is valuable if your income varies. The 15 year gives you a lower rate in exchange for committing to the faster schedule. If the 15 year payment is easy for you, the rate savings usually win. If it would be tight, take the 30 year and pay extra when you can.

Can I refinance my 30 year mortgage into a 15 year?

Yes, and it is one of the most common reasons homeowners choose a 15 year loan. If you have paid on a 30 year loan for several years and your income has grown, refinancing into a 15 year can finish the house sooner than the original schedule without restarting the clock at 30.

Is a 15 year mortgage harder to qualify for?

The credit and down payment guidelines are the same as a 30 year conventional loan. The difference is the payment. Because it is higher, it takes up more of your debt-to-income ratio, so some borrowers who qualify for a 30 year loan will not qualify for the same amount on a 15 year term.

Can I pay off a 15 year mortgage even faster?

Yes. There is no prepayment penalty, and any extra you send is applied to principal. Because the loan is already short and a large share of each payment goes to principal, extra payments knock months off quickly.

Further reading

Other loan programs

Talk to a loan officer about a 15-year fixed loan

Tell us what you are trying to do and we will come back with real numbers: rate, payment, cash to close and how this loan stacks up against the alternatives. No obligation, and no credit pull until you ask for one.

CPF Mortgage
10710 FL-54 c101
Trinity, FL 34655
(727) 226-1040

Licensed mortgage lender and broker in Florida, Tennessee, Georgia and Colorado. NMLS 222883.

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