Balance progress and flexibility
A shorter repayment schedule can reduce total interest, but the higher payment also leaves less room for other expenses.
15-year fixed
A shorter path, if it fits your life.
Paying off your home sooner may be a priority. A 15-year fixed mortgage puts that goal on a shorter schedule, with a higher required payment than a longer loan at the same rate and amount.
When to consider 15-year fixed
You want to build equity through faster repayment and have room in your monthly budget for the commitment.
Compare actual offers
A 15-year and 30-year loan may be priced differently. Compare the quoted rate, costs, payment, and time you expect to keep each loan.
Keep your other goals in view
Retirement contributions, emergency savings, and planned expenses belong in this conversation too. The shortest term is not automatically the best fit.
Faster payoff deserves a budget check
What is the main tradeoff?
For the same loan amount and rate, a 15-year term has a higher required principal-and-interest payment and less total interest than a 30-year term. Actual offers may have different rates and fees.
What if I plan to move before the loan is paid off?
Compare the interest and fees during the years you expect to keep the loan, plus the balance remaining then. Lifetime interest alone may not describe your situation.
Learn more: CFPB: Comparing loan terms. Program and lender requirements vary.
Your next step
Compare the commitment, not just the payoff date.
Bring your comfortable monthly payment and any upcoming expenses. We can compare shorter-term financing with a longer term and optional extra principal.