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Compare current 15-year mortgage rates

Feb. 09, 2025

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Pros of a 15-year mortgage

  • You’ll build equity faster. Compared to a 30-year loan, you’ll pay down your balance much more quickly.
  • You’ll pay less interest. Rates on 15-year loans are typically lower than rates on 30-year loans. What’s more, you’ll pay less interest over the life of the loan.
  • A larger chunk of monthly payments go toward the loan principal rather than interest. With a 30-year mortgage, only a fraction of early payments go to repaying principal. A 15-year loan speeds up that process.

Cons of a 15-year mortgage

  • You’ll have higher monthly payments compared to longer-term loans. If you’re struggling to qualify, a 15-year mortgage will only increase the challenge.
  • There’s an opportunity cost. Maybe it makes more sense to borrow more against your house and to invest the proceeds for retirement or other financial goals. 
  • There’s a potential loss of mortgage interest tax breaks due to paying less interest. Many Americans no longer benefit from the mortgage interest deduction, but if you do, consider the tax implications.

If I can afford it, should I get a 15-year mortgage?


Phil Crescenzo Jr.

Vice President, Southeast Division, Nation One Mortgage Corporation

I strongly recommend a 15-year fixed mortgage if the payment is affordable, as the significant amount of equity gained per payment is very substantial. Even with higher rates, the mortgage is much shorter, with much less interest, and it’s a great way to tackle equity with every payment made.

Principal Writer, Home Lending

I can answer that question only by asking one of my own: How do you feel about debt? If you view debt as a burden and you’re counting down the years to your mortgage-burning party, then absolutely opt for the 15-year loan over a 30-year mortgage. You might even consider a 10-year loan. With either of the shorter-term options, you’ll get a lower rate and you’ll pay far less in interest over the life of the mortgage. On the other hand, if you view mortgage debt as a tool and as part of your overall portfolio, then maybe the 30-year loan makes more sense. The rationale goes like this: You can use the long-term loan to leverage your home for investments. By extending your payoff date and lowering your monthly payment, you’ll have more cash to direct to retirement accounts and other investments. Either answer can be right — but the first step is to identify which debt camp you fall in.

Additional resources for getting a 15-year mortgage