Loan program

15-year fixed

Pay the loan off in half the time. The monthly payment is higher and the balance falls faster.

Start pre-approval

See illustrative rates

A sunlit home entryway with a wooden bench, a folded linen coat, a potted fern and the front door slightly ajar letting in cool morning light.

Typical terms

15-year term with a fixed interest rate. The monthly payment is higher than on a 30-year loan of the same amount.

Example minimum down payment

10% of the purchase price in this example.

Who it is for

Buyers with room in their monthly budget who want to own the home outright sooner, and homeowners who plan to stay put for the long term.

Pros

Equity builds faster. Total interest over the loan is lower than on a longer term of the same size. The loan is paid off in 15 years.

Considerations

A higher monthly payment can limit how much you can borrow within a given budget, and leaves less cash free each month for other goals.

About this program

A 15-year fixed loan repays the balance in 180 monthly payments. Each payment includes more principal than a longer loan of the same amount, so the balance falls faster.

That speed has a cost: the monthly payment is higher. Use the Affordability tab in the Payment Planner to see how a 15-year term changes the price range that fits each budget band.

Rates and payments shown are illustrative. They are not a rate quote, a loan offer or a commitment to lend.

Try it with this program

Home price

Down payment

$45,000 down

Term

Illustrative interest rate

For a $405,000 loan, about $3,309 a month in principal and interest.

Principal and interest: $3,309
Estimated taxes and insurance: $500
Total estimated monthly payment: $3,809
Loan amount: $405,000

Estimates only. Rates and figures are illustrative, not a rate quote, loan offer or commitment to lend.

Start pre-approval

Carries your price, down payment and term into the application.

More programs

You might also compare

A modest craftsman-style family home with a covered front porch, wooden steps and a small lawn on an overcast morning, trees in soft focus behind.

30-year fixed

A principal and interest payment that stays the same for all 30 years, which keeps budgeting simple.

See program details →

A Middle Eastern man in his thirties works at a tidy desk in a home office at dusk, a laptop with its screen turned away from the camera.

5/6 adjustable-rate

A fixed rate for the first five years, then a rate that can adjust every six months.

See program details →

A row of modern brick and timber townhouses along a quiet tree-lined sidewalk on an overcast morning, small front gardens.

Jumbo loan

Financing for loan amounts above the standard conforming limit for your county.

See program details →