home-purchase / 15 Year

Lower your rate with a 15-year mortgage

Opt for a shorter loan term by choosing a 15-year fixed-rate mortgage. You may enjoy a lower interest rate than a 30-year loan, but will need room in your budget for a higher monthly payment.

Like its 30-year counterpart, a 15-year fixed-rate mortgage offers payment predictability. What you pay each month never changes and you get the added benefit of building equity fast.

15-Year Mortgage Rates

A 15-year mortgage is a home loan that is calculated to be paid off within 15 years. These loan types often come with higher monthly payments and lower interest rates than longer-term home loans. It’s important that your choice reflects your long-term financial goals when choosing a home loan option.

While 15-year mortgage rates and terms can be one of the more cost-effective loan options available, there are some major factors to consider before going this route. Let’s review the pros and cons of 15-year mortgages, including who should consider financing with one and the options available to borrowers to help decide if a 15-year loan is right for you.

15-Year Mortgage Rates Pros and Cons

Just as with any loan option, there are pros and cons to consider. Here are some of the benefits and considerations of 15-year mortgage rates and terms:


  • Shorter Term and Faster Payoff
  • Build Home Equity Faster
  • Lower Interest Rate and Fewer Payments Than 20- or 30-Year Loans
  • Lower Total Cost of Borrowing
  • Pay Private Mortgage Insurance (PMI) for shorter period


  • Higher Monthly Payment Than 20- or 30-Year Loans

You Should Consider a 15-Year Loan If You…

Now that you understand some pros and cons of 15-year mortgage rates and terms, here are some examples of when such a loan type can be beneficial. You should consider a 15-year loan if you…

  • Want To Pay Down Principal Quickly and Build Home Equity Faster
  • Want To Spend Less In Total Interest In The Long Run With Lower Interest Rate
  • Find 20- and 30-Year Loan Payments Too Low
  • Want To Own Your Home In Under 20 Years

Whether or not these examples accurately reflect your current situation, read on to learn more about 15-year mortgage rates and loan types to better determine if this is the right option for you.

15-Year Mortgage Rates Options and Loan Types

In the world of home financing, there is no “one-size-fits-all” mortgage. That’s why you have options! Let’s go over the basic 15-year mortgage rate options and loan types so you can choose the one that suits your financial situation and meets your home buying goals.

Other Loan Options

Wyndham Capital offers loan terms and financing options tailored to your needs. Whether you’re purchasing your first home, preparing for retirement, or you’re unsure of what type of mortgage is right for you, we can help! Contact Wyndham Capital Mortgage today to learn how our digital advantage is shaping the modern mortgage experience.