15 Year Fixed Rate Mortgage

• Payable over 15 years
• Amortized over 15 years
• Payments never change for 15 years
• Rate never changes for 15 years

A 15 year fixed rate mortgage is a great mortgage for individuals that have the ability to make a higher payment than the 30 year fixed rate mortgage because you will pay less interest over the life of the loan.  Borrowers interested in a fixed rate mortgage should look at the payments on all of the different terms to determine what will work best for their specific financial situation.  15 year fixed rate mortgages will have a lower interest rate than a 30 year fixed rate mortgage.  You can send in additional principal payments on your 15 year fixed mortgage and payoff your mortgage even earlier.  The loan term is 180 months and an amortization table will show you the amount of principal and the amount of interest that you will pay each month over the life of the loan.