Compare 15-Year Fixed Rates for Nov 11, 2026
Lower rates, less interest. 15-year fixed mortgages typically run 0.25%-0.75% below 30-year rates—and you pay off your home in half the time. Check your rate below and see how much you could save.
Ideal for buyers with strong income who want to build equity faster and be mortgage-free sooner. Many choose a 15-year when buying a second home or refinancing after building equity.
Advantages
- ✓Lower interest rates than 30-year mortgages
- ✓Massive interest savings over loan lifetime
- ✓Build equity faster with larger principal payments
- ✓Mortgage-free in 15 years for retirement
Considerations
- •Higher monthly payment than 30-year loans
- •Stricter qualification due to payment size
- •Less budget flexibility for emergencies
- •Opportunity cost vs. investing elsewhere
Frequently Asked Questions
How much can I save with a 15-year mortgage vs. 30-year?
On a $350,000 loan, you could save $100,000-$150,000 in interest over the life of the loan, depending on rates. The shorter term and lower rate compound these savings significantly.
What's the typical rate difference between 15-year and 30-year mortgages?
15-year mortgages typically have rates 0.25% to 0.75% lower than 30-year loans. This rate advantage, combined with the shorter term, dramatically reduces total interest paid.
Can I refinance from a 30-year to a 15-year mortgage?
Yes, this is a common strategy after building equity or increasing income. Refinancing costs typically run 2-5% of the loan amount, but the long-term savings often justify the expense.
How much income do I need to qualify for a 15-year mortgage?
Lenders typically require your total monthly debts (including the new mortgage) to be no more than 43% of your gross monthly income. Given the higher payment, this means you'll need stronger income than for a 30-year loan on the same home.