How does a 15-year fixed work?

A 15-year fixed-rate mortgage builds equity twice as fast as a 30-year and typically carries a lower rate — but with a higher monthly payment.

What is the minimum down payment for a 15-year fixed?

3% — though larger down payments lower your monthly payment and may eliminate mortgage insurance.

Most lenders look for 620+ for conventional loans. FHA accepts 580+. The best rates go to borrowers with 740+ scores.

15-Year Fixeds currently start around 6.15%. Rates change daily — use the calculator above to model your payment, then request a personalized quote.

Most purchase loans close in 30-45 days. Refinances often close in 20-30 days. Documentation, appraisal, and underwriting drive the timeline.

Estimate your monthly 15-Year Fixed payment with an example rate of 6.15%.

NATIONAL AVERAGES

Home price

Down payment

Loan program

Example rate

ZIP code

Your payment$3,411/month

Principal & interest

$2,896.74

Property tax

$389.58

Homeowners insurance

$125.00

Loan amount$340,000

See your real rate for this payment

Your estimate: $3,411/month on a $425,000 home with $85,000 down. Request a free quote in about 2 minutes.

Request a personalized quote. No credit check is needed to use this estimator.

Takes about 2 minutes. Your request is shared with Mortgage Leads Co and its lender/broker partners.