15 Year Fixed Rate Mortgage

About 15 Year Fixed Rate Loans

A fixed rate means that the principal and interest rate of the loan does not change during the life of the loan. A 15 year fixed rate mortgage is similar to a 30 year fixed rate loan except that it offers a lower interest rate but higher monthly payments.

With consistent payments, the borrowers can pay off their loans in half the time it takes for a 30 year loan, thus freeing up funds for retirement.

That’s why this loan is a popular choice for borrowers who are focused on paying off their mortgage as quickly as possible and have the income to support higher payments over a shorter term. The typical minimum down payment is 5% although some loan types will allow as little as 3% down.

In comparison to a 30 year fixed rate mortgage, a 15 year mortgage costs less in the long run since borrowers pay less in total interest. Many borrowers, however, opt for a 30 year fixed rate loan and voluntarily make larger payments that will pay off their loan faster.

30 year fixed rate mortgage vs 15 year fixed rate mortgage

Loan Type
30 year fixed rate
15 year fixed rate
Loan Life
Long
Short
Interest Rates
High
Low
Monthly payments
Low
High
Who it's for
First-time homebuyers
Those looking to pay off their mortgage as soon as possible

Who is this loan for?

A 15-year fixed-rate mortgage is a great option for borrowers who want to pay off their mortgage as soon as possible and those that can afford the higher monthly payments. Borrowers with a credit score above 680 are more likely to qualify.

Benefits of 15 Year Fixed Rate Loans

Lower interest rates
Predictability
Fixed interest rate
Shorter Loan Life

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Christopher Paul Financial, LLC dba CPF Mortgage is a Florida Mortgage Lender (NMLS 222883), Florida State License MLD929, Colorado, Georgia and Tennessee registered mortgage company located at 10710 State Road 54, Ste. C101, Trinity, FL 34655. All loan approvals are credit driven and all decisions are based on underwriting credit approvals. All rates, terms, and programs are subject to change without notice. Borrowers should consider their options carefully when choosing a loan program.
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