15-Year Loan

Lower Risk = Cost Savings

BUY A HOME

15-Year Loan

Lower Risk = Cost Savings

BUY A HOME

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Weighing Your Options Carefully

Choosing the loan term that best suits your financial needs is imperative in determining a mortgage budget. For example, although monthly payments may be higher, a 15-Year mortgage generally equates to a lower interest rate compared to those associated with a longer-term loan. Therefore, the savings in interest paid over the life of the mortgage may offset the additional monthly cost.

Making Financially Sound Decisions That Your Wallet Can Afford

Here are common questions that often arise when evaluating 15-Year loans:

It’s likely monthly mortgage payments will be higher than with a longer-term loan. However, this can also be considered “forced savings” as you are paying less over time.

A shorter-term can equate to being mortgage-free faster, allowing reallocation of money when the loan is paid.

While several factors are considered, rates on 15-Year mortgages tend to be better as there is less risk associated with the shortened term.

Find Out Which Loan Term Is Right For You

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Better Interest Rates

Interest rates are typically lower with 15-year options due to less risk associated with the loan relative to the term length. Additionally, opportunity cost is lower for banks with this type of mortgage as they pay less to make shorter-term loans.

15-Year Loan

Better Interest Rates

Interest rates are typically lower with 15-Year options due to less risk associated with the loan relative to the term length. Additionally, opportunity cost is lower for banks with this type of mortgage as they pay less to make shorter-term loans.

Benefits

Due to a shorter amortization schedule, buyers with this type of financing will likely pay significantly less over the life of the loan than those with a longer-term option.

15-Year Loan-toy house by sand clock

Benefits

Due to a faster amortization schedule, buyers with this type of home financing will not only see lower interest rates, but will also likely pay significantly less over the life of the loan than with a longer-term option.

Added Benefit

While a fixed rate mortgage of any term locks your rate at the same percentage for the life of the loan, 15-Year options help build equity faster and may provide a lower loan-to-value ratio if you decide to refinance your loan at a later date.

15-Year Loan-couple holding keys

Added Benefit

While a fixed rate mortgage of any term locks your rate at the same percentage for the life of the loan, 15-Year options help build equity faster and may provide a lower loan-to-value ratio if you decide to refinance your loan at a later date.

HAVE A FEW MORE QUESTIONS?

Our Loan Experts Can Help

Several variables should be considered when determining the best loan term length for your needs, including down payment size, home price relative to income and other debt, and overall cash flow considerations. Our team is here to help guide your decision!

Buying A Home
Let’s Refinance
Mortgage Loan Officer

Contact an Expert Today!

Call Now
General Form

I agree to be contacted by Spire Financial

HAVE A FEW MORE QUESTIONS?

Our Loan Experts Can Help

Several variables should be considered when determining the best loan term length for your needs, including down payment size, home price relative to income and other debt, and overall cash flow considerations. Our team is here to help guide your decision!

Buying A Home
Let’s Refinance

TALK TO OUR TEAM TODAY

Mortgage Loan Officer

Contact an Expert Today!

Call Now
General Form

I agree to be contacted by Spire Financial