15-Year Fixed Rate Mortgage

When you shop for a mortgage, your loan term is one of the flexible points. You can usually choose a term length that falls in a window spanning 10 to 30 years. There are several pros and cons to a 15-year fixed mortgage.

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15-Year Fixed Mortgage Rates Are Lower Than Ever!

Depending on your income, debt-to-income ratio, and credit score, you’ll probably be shown 15-year mortgage rates as one of your loan options.

Depending on the interest rate offered, this could be ideal. If you are capable of putting down a big monthly payment and you don’t have a high cost of living, you might be able to easily manage the higher monthly mortgage payments that come with a 15-year fixed loan.

If you already have a home loan, your credit score is decent, and you can afford to sink more into monthly payments, it could make sense to pay off your current mortgage and refinance for a shorter term to save on interest.

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TermConforming 30 year fixed

Rate5.750%

APR5.996%

98004 | $800,000 | Credit Score 800+ | 25 Down

TermConforming 15 year fixed

Rate4.875%

APR5.253%

98004 | $800,000 | Credit Score 800+ | 25 Down

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Is a 15-Year Fixed Rate Mortgage Right For You?

There is no one-size-fits-all loan program. It is important to discuss the details of your current financial situation with a qualified Loan Officer who can advise you about all of your options available.

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Working with Sammamish Mortgage

At Sammamish Mortgage, all of our Loan Officers (LOs) are high experienced. This means they always put the client first, making sure you get the best loan for your budget.

We offer some of the most competitive rates in the nation, and it’s our goal to give you a hassle-free home loan experience. We’re proud to say we close most of our loans quickly and on time. We offer a wide variety of 15-year fixed rate home loans, including FHA and VA loans, so you can start looking for a home as soon as possible.

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Pros and Cons of a Shorter Term

Pros of a Shorter Term

The shorter your loan term is, the faster you’ll pay off your home loan. A 15-year loan can also be beneficial if you’re buying a home and you can put down a big down payment. This can still keep your monthly payments low, but let you reduce the interest overall.
You may find it easier to qualify for a 15-year fixed loan if you have a higher income. Your monthly payment will be directed towards the principal and interest according to your amortization schedule, with the amount going to principal growing and the amount going to interest shrinking every month until the loan is paid in full.

Cons of a Shorter Term

The shorter your loan term is, the higher your monthly payment will be. Depending on your interest rate, you could end up saving a lot in mortgage interest over the life of the loan, but you could also end up in a tight spot if your financial situation changes.
You also need to consider whether or not you have to carry private mortgage insurance (PMI, common if you don’t have a 20% down payment.) It’s rare that someone will qualify for a 15-year fixed loan and put down less than 20%, but it’s possible if you have an extremely high income. If mortgage and refinance rates are favorable, you can always refinance after you build equity, and rid yourself of a PMI mandate.

15-Year Fixed-Rate Mortgages vs. 30-Year Fixed-Rate Mortgages: What’s the Difference?

There are key differences between these home loan options. Here’s a clear comparison between them to help you weigh your options:

Feature

30-Year Fixed-Rate Mortgage

15-Year Fixed-Rate Mortgage

Loan Term

30 years

15 years

Monthly Payment

Lower

Higher

Interest Rate

Typically higher

Typically lower

Total Interest Paid

More over the life of the loan

Less over the life of the loan

Equity Build-Up

Slower

Faster

Ideal For

First-time buyers, larger homes, long-term affordability

Financially stable buyers, paying off home quickly

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FAQs

How does a 15-year mortgage differ from a 30-year mortgage?

With a 15-year fixed-rate mortgage, you pay off the loan in half the time, build equity faster, and pay less interest overall. But monthly payments are higher.

Who should consider a 15-year fixed-rate mortgage?

This loan option is ideal for borrowers who want to pay off their home quickly, have stable income, and can afford higher monthly payments.

Are interest rates lower on 15-year fixed-rate mortgages?

Yes, lenders typically offer lower rates because the loan is paid off faster, reducing their risk.

Can I refinance into a 15-year fixed-rate mortgage?

Yes, many homeowners refinance from a 30-year to a 15-year loan to save on interest and pay off their home sooner.

What types of loans offer 15-year terms?

Loan types include conventional, FHA, VA, and USDA loans, all of which can be structured as 15-year fixed-rate mortgages.

Do I need a higher credit score for a 15-year fixed-rate home loan?

Not necessarily, but better credit can help you qualify for lower rates and better terms.

Will I save money with a 15-year fixed-rate mortgage?

Yes, total interest paid is significantly lower compared to a 30-year loan, even if monthly payments are higher.

Can I pay extra toward principal?

Yes, paying extra can help you pay off the loan even faster and reduce interest costs.

Is mortgage insurance required?

This depends on your down payment and loan type. Conventional loans may require PMI if you put down less than 20%.

How do I apply for a 15-year fixed-rate mortgage?

Start by comparing mortgage lenders, checking your credit, and getting pre-approved to understand your borrowing power.

States we lend in

Our loan officers are ready and waiting to help you apply for your home loan.

Washington Oregon

15-Year Fixed Rate Mortgages in WA, OR, ID, CA or CO

Now is a great time for looking into a 15-year fixed rate mortgage. You can use our free Instant Rate Quote tool and Rate Tracker to find out how much you could be saving every month or over the life of your loan.

Ready To Apply For a Mortgage?

For more information on your fixed rate mortgage options, feel free to contact us today. We currently lend in all of Washington, Oregon, Idaho, California and Colorado and have been providing mortgage programs to borrowers since 1992. Our friendly team of experienced mortgage professionals will advise you on which home loan program best meets your needs.

Are you ready to apply for your home loan and lock in a low interest rate? If so, Sammamish Mortgage can help you get started. Get in touch with us today!

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