15 Year Fixed Rate Program 15 Year Fixed Rate Loan Program

A 15 year fixed rate mortgage generally has a lower interest rate than a 30 or 20 year fixed rate mortgage and will save you a significant amount of interest over the life of a loan. The amount of interest that one pays over the life of their loan is called the "Finance Charge." 

Since the term of a 15 year fixed rate mortgage is half that of the the 30 year fixed rate mortgage, the principal component of the monthly payment is much higher on a 15 year fixed rate mortgage.  Due to the higher principal payments, you will build equity in your home more quickly with a 15 year fixed mortgage than a 30 year fixed rate mortgage.  


  • A lower interest rate and shorter term than a 30 year fixed requires you to pay less total interest than a 30 year fixed.
  • Loan can be refinanced if rates drop.


  • Monthly payments are relatively high due to the 15 year amortization.
  • Monthly payments do not change if interest rates drop.