15-Year Fixed Mortgage
Half the term. A fraction of the interest.
A 15-year fixed mortgage cuts your loan term in half, typically comes with a lower interest rate than the 30-year product, and saves tens of thousands in interest over the life of the loan. It's the go-to choice for buyers who want to own their home outright sooner and build wealth faster.
~50%
Less total interest vs. 30-year
15 yrs
To full ownership
$832,750
2026 conforming limit
Why choose this loan
Benefits of a 15-Year Fixed Mortgage
Significantly lower interest rate
Lenders price 15-year fixed loans lower than their 30-year counterparts because the shorter repayment window reduces risk. That rate difference compounds dramatically over time.
Massive interest savings
On a $400,000 loan the difference in total interest paid between a 15- and 30-year term can easily exceed $150,000 — money that stays in your pocket instead of going to interest charges.
Accelerated equity growth
A larger share of each payment goes toward principal from the very first month, so your ownership stake grows far faster than with a 30-year loan.
Mortgage-free retirement planning
Timing a 15-year payoff to coincide with retirement removes a major fixed expense exactly when income typically decreases — a powerful retirement planning tool.
Eligibility
Do you qualify?
Typical guidelines for a 15-Year Fixed Mortgage. Final eligibility is determined during underwriting.
- Minimum credit score of 620 for conventional conforming
- Debt-to-income ratio generally at or below 43–45%
- Documented, stable income and two-year employment history
- Loan amount at or below the 2026 conforming limit of $832,750
- Down payment as low as 5% (20% avoids PMI entirely)
- Property may be a primary residence, second home, or investment
Sample scenarios
Illustrative 15-Year Fixed Mortgage rates
15-Year Fixed (conventional)
6.125%
Illustrative rate; APR ~6.35%
15-Year Fixed (rate buy-down)
5.875%
Illustrative with 1 discount point
Min. down payment
5%
Typical for 15-year conventional
Rates shown are for illustrative purposes only, are not a quote or guarantee, and do not reflect a specific offer. Actual rates depend on credit score, loan amount, loan-to-value, occupancy, and other factors, and change daily. Contact us for a personalized rate quote.
How it works
Your path to approval
- 1
Assess your budget
We'll run a side-by-side payment comparison of the 15 vs. 30-year options so you can see exactly how the higher payment fits into your monthly cash flow.
- 2
Pre-approval and rate lock
Once you're comfortable, we issue a full pre-approval and lock your rate when market timing is favorable.
- 3
Underwriting and appraisal
We coordinate the appraisal, review your documents, and move through underwriting with a single dedicated loan officer managing your file.
- 4
Close and own it outright — on schedule
At closing your 15-year clock starts. Every payment brings you measurably closer to owning your home free and clear.
15-Year vs. 30-Year Fixed at a glance
| 15-Year Fixed | 30-Year Fixed | |
|---|---|---|
| Sample rate (illustrative) | ~6.125% | ~6.75% |
| Monthly payment ($400k) | ~$3,400 | ~$2,600 |
| Total interest ($400k) | ~$212,000 | ~$362,000 |
| Equity at year 5 | ~28% paid down | ~10% paid down |
Frequently asked questions
How much lower is the rate on a 15-year fixed compared to a 30-year?
Historically the 15-year rate runs 0.5–0.75 percentage points below the 30-year rate. In mid-2026 that spread means a 15-year can often be found in the low-to-mid 6% range versus the mid-to-upper 6% range for 30-year loans.
Is the higher monthly payment on a 15-year manageable?
The monthly principal-and-interest payment is typically 25–35% higher than the 30-year equivalent on the same balance. We recommend stress-testing your budget at the higher figure before committing, but many buyers find the equity and interest savings well worth it.
Can I refinance from a 30-year to a 15-year?
Yes, and it's one of the most effective refinance strategies available. If rates have moved favorably or your income has grown, refinancing into a 15-year can shave years off your payoff and dramatically cut your total interest cost.
What is the conforming loan limit for a 15-year fixed in 2026?
The 2026 baseline conforming limit for a single-family home is $832,750. Loans above that threshold require a jumbo product regardless of term length. High-cost areas may have limits up to $1,249,125.
Ready to explore a 15-Year Fixed Mortgage?
Talk to a loan officer today — friendly, no-pressure guidance from real humans.