Today’s low interest rate for a 15-year fixed is 3.375% (3.816% APR), and the interest rate for a 30-year fixed is 3.875% (4.148% APR). Why You Should Choose Quicken Loans You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.
Keep in mind that the 15-Year vs. 30-Year Mortgage Calculator merely provides an estimate of the comparative benefits of these two types of loans. You may be.
Despite their popularity among homebuyers, 30-year mortgages come with a few key drawbacks. For one thing, homeowners with 30-year mortgages typically take longer to pay off their homes and pay much.
15 year fixed-rates have mortgage rates that are as much as 1% lower than a 30 year fixed rate loan. No one enjoys paying interest on a mortgage. With a 15-year loan you will save tens of thousands of dollars. You’ll be paying far less in total to borrow your mortgage money.
Many home buyers prefer a 15-year fixed-rate mortgage loan to the 30-year fixed -rate variety. The benefit is obvious: You'll pay off your home loan faster when.