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15 Year Mortgage Rates and Loan Programs
A
15 year home loan offers the security of a fixed rate
program coupled with the accelerated pay down benefits
of a shorter term product. Although fifteen years
may sound like a long time down the road, you would
be amazed at how much more of your payment gets put
toward principle with this product rather than that
of a 40 year home loan or 30 year fixed rate mortgage
(especially at the earlier stages of the loan). Sure,
your monthly payment will be higher but the amount
of interest paid over the course of the loan will
be significantly less.
15 Year Home Loan vs a 30 Year Product (example)
15 Year Fixed Rate at 5.50%
$150,000 Loan Amount
Monthly principal and interest payment: $1,225.63
Total interest paid over the life of the loan: $70,612.53
Average monthly interest paid over the life of the
loan: $196.15
30 Year Fixed at 5.75%
$150,000 Loan Amount
Monthly principal and interest payment: $875.36
Total interest paid over the life of the loan: $165,129.34
Average monthly interest paid over the life of the
loan: $458.69
Total interest saved by choosing a 15 Year Fixed Mortgage:
$94,516.81
Note: The numbers above were done using a designated
note rate. Be sure to look at a loan's APR as well
when selecting a mortgage company.
View Today's Pricing (options):
1. Call some of the lenders and brokers in the online
survey displayed below.
2. Click on their logos and you'll be taken directly
to their to their web sites where you can conduct
additional research and learn about their companies.
Get started on your search for great 15 yr loan rates
by using the mortgage rate survey below. Be sure to
select 15 year pricing from the product dropdown box.
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