A 15-year fixed-rate mortgage is a home loan with a fixed interest rate and monthly payments spread over 15 years.
A 15-year fixed-rate mortgage is a home loan with a fixed interest rate and monthly payments spread over 15 years. Compared to a 30-year mortgage, it allows homeowners to pay off their loan faster and build equity more quickly. Monthly payments are higher due to the shorter term, but the total interest paid over the life of the loan is significantly lower. This mortgage suits buyers aiming for long-term savings and faster ownership.