The fifteen year fixed rate mortgage is a terrific option for those who are able to afford a higher monthly mortgage payment. The most significant difference between a fifteen-year fixed mortgage and a longer term mortgage is the lower interest rate that you may achieve by obtaining a fifteen year fixed rate mortgage. It is widely known in the mortgage industry that the shorter the term, the lower the interest rate. Although you will be able to save thousands of dollars in interest with a fifteen year fixed rate mortgage, you must be able to afford the higher payment that accompanies this type of mortgage due to the shorter repayment period. Please use our mortgage calculator to compare the thirty year fixed rate mortgage and the different mortgage options available.
