15 Year Fixed Mortgage

A 15-year fixed mortgage is a type of home loan with an interest rate that stays the same for 15 years. This means that your monthly payments will be consistent for the life of the loan and you will pay off your mortgage in 15 years. Compared to a 30-year fixed mortgage, a 15-year mortgage will have higher monthly payments but you will pay less interest over the life of the loan and pay off your mortgage faster.

People may choose a 15-year fixed mortgage if they want to pay off their home faster, they want to build equity in their home more quickly, or they want to pay less in interest over the life of the loan. However, the higher monthly payments may make it difficult for some individuals to afford, so it’s important to consider your budget and long-term financial goals when deciding if a 15-year fixed mortgage is right for you.