Home / Loan Types / 15 years

15 years


15 year normally comes with an interest rate of .50% to .75% lower than a 30 year rate. Coupled with the fact that the loan is paid off much quicker, a 15 year will save a borrower thousands of dollars each year in interest payments.


→ Purchase a home with as little as 5% down (Primary home).

→ Refinance up to 95% of your primary home’s value.

→ A 15 year allows a homeowner to build home equity much quicker than someone who selects a 30 year.

→ Selecting a 15 year is that the borrower will have a fixed payment for the life of the term. Because of this, a borrower will be assured that their payment will never adjust dramatically and they will always have an affordable payment.


→ Loan amount – The loan amount for a conforming mortgage is generally limited to $453,100 for a single-family home, though limits may be higher in counties where home prices are higher. Jumbo loans allow you to exceed the conforming loan limit to borrow for a higher-priced home.

→ Down payment – Most conventional loans will require at least 5 percent as a down payment. For loans with lower down-payment requirements, explore government-backed mortgages like FHA loans.

→ Credit history – Conventional loans generally require FICO score of 640 or higher. There are also established guidelines for income and other personal financial information.

How it works:

→ Monthly payments based on interest rate, principal loan amount, and amortized interest over 15 years.

→ Your payment will not change throughout the life of the loan.

→ Your actual payment will vary based on your situation and the current interest rates when you apply.

→ Pay your mortgage at any time without pre-payment penalties.



The payment on a $200,000 15-year Fixed-Rate Loan at 3.125% and 90% loan-to-value (LTV) is $1393.22 with no points due at closing. The Annual Percentage Rate (APR) is 3.318%.


* Payment does not include taxes and insurance premiums.

* Rates are subject to change without prior notice. 

* Loan information is informational purposes only and is not an offer to make a loan.