Conventional
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.
- Lower rate than 30-year fixed
- Interest savings often exceed $100k+
- Equity builds at nearly double the pace
- Conventional, up to the conforming limit for your county
How people usually document income for this
What it gives you
Why people choose this one
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.
What you need
- 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 conforming limit for your county
- Down payment as low as 5% (20% avoids PMI entirely)
- Property may be a primary residence, second home, or investment
Programme facts
- Min. down paymentTypical for 15-year conventional
- 5%
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 |
The sequence
How a file like this gets built
- 01
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.
- 02
Pre-approval and rate lock
Once you're comfortable, we issue a full pre-approval and lock your rate when market timing is favorable.
- 03
Underwriting and appraisal
We coordinate the appraisal, review your documents, and move through underwriting with a single dedicated loan officer managing your file.
- 04
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.
Questions
About 15-year fixed mortgage
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?
A loan above the conforming limit that applies in your county needs a jumbo product, whatever its term. Loan limits are set every year by the FHFA for conforming loans and by HUD for FHA, and they differ county by county. This demonstration does not publish the figures, because a number typed into a website goes stale the week it ships — look up the current limit for your own county before relying on one.
Demonstration form
Ask about a 15-year fixed mortgage
If this were a working site, this is where the conversation would start.