For home buyers and homeowners

15-year fixed

Looking for a fixed interest rate and a shorter loan term? A 15-year fixed home loan from Rocket Mortgage® could be for you.

A Black teenage boy holds a new hockey stick with a big red bow while his father looks on proudly.A Black teenage boy holds a new hockey stick with a big red bow while his father looks on proudly.

Build equity faster with a 15-year fixed home loan

Fixed interest rate

Your interest rate stays the same for the life of the loan.

3% down payment

You can get into a new home with a down payment as low as 3%.

Pay less interest

The shorter term means you pay less interest overall. Plus, your interest rate will likely be lower.

No prepayment penalties

Want to pay off your mortgage early? You won’t get hit with prepayment penalties.

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Frequently asked questions

Answers to questions about this loan we heard from people like you during research.

Who are 15-year fixed loans best for?

A 15-year fixed-rate loan can be a good option for a range of home buyers and refinancers, especially those who:

  • Can handle a higher monthly payment to pay off their loan faster.
  • Want to refinance and take advantage of lower interest rates.
  • Want to build equity more quickly.
How do 15-year fixed loans work?

If you get a 15-year fixed-rate mortgage and make all your payments as scheduled, the mortgage will be paid off completely in 15 years.

With a fixed-rate loan, your interest rate stays the same for the entire length of the mortgage.

There are a few different types of 15-year fixed-rate mortgages, including conventional, FHA, VA, and Jumbo.

We can help you know what’s best for your situation.

What are the pros and cons of a 15-year fixed loan?

Pros

  • You’ll pay less interest because of the shorter term.
  • Interest rates are typically lower because it doesn’t take as long for lenders to get reimbursed for the loan.
  • Build equity faster. Equity is the difference between what you owe on your home and its value. A 15-year term means you’ll pay your loan balance down more quickly, building equity.

Cons

  • Higher monthly payments because of the shorter term.
  • Lower home affordability. A higher mortgage payment increases your debt-to-income ratio, so you could prequalify for a lower amount.
  • Less money for savings. Higher monthly payments could leave less money for savings or other expenses.
Can I put more than 3% down?

Yes! You can make a down payment bigger than 3%.

Why put down more? The more you put down, the lower your monthly mortgage payment will be.

Or you could decide to go with the lowest down payment and use the funds for closing costs.

We’ll help you know which strategy is best for you. 

Learn more about fixed-rate loans

Buy or refinance with a 15-year fixed home loan