15 Year Mortgage vs. a 30 Year Product

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.

Searching for the Best 15 Year Fixed Rate

Our site is designed so that consumers can search for some of the lowest 15 year mortgage rates in the industry.

Contact some of the lenders and brokers listed on this site and ask for a good faith estimate and truth-in-lending statement. Best of luck in your search for great 15 year home loan rates.