Today’s low interest rate for a 15-year fixed is 3.375% (3.835% APR), and the interest rate for a 30-year fixed is 4.375% (4.658% APR). Why You Should Choose Quicken Loans You’ll get a completely online application process with less paperwork, and you can track the status of your mortgage application.
When considering a mortgage that will last 15 or 30 years of your life you should be able to understand all the options you have. Use our 15 year mortgage vs 30 year mortgage calculator to compare the benefits of having a longer versus shorter loan term.
How can I get an estimate of my rate? Our refinance calculator uses today’s current rates. Once you enter your numbers and pressing “Calculate,” you’ll see a list of recommended loans, terms and rates. If you like what you see, you can get started by contacting a Home Loan Expert or applying online with Rocket Mortgage®.
Fixed Rate Mortgage Formula How to Calculate 15-Year Fixed Mortgage Payments – The formula for calculating a fixed-rate payment is more straightforward than it looks and can be done with a personal calculator or with any number of free mortgage calculators on the Internet. The formula is the same, whether the mortgage is for 15 years or for 30.
When interest rates rise consumers tend to shift more toward using adjustable-rate mortgages to purchase homes. Advantages of a 15-Year Fixed-Rate Home Loan. The big advantage of a 30-year home loan over a 15-year loan is a lower monthly payment. However, for those who can afford the slightly higher payment associated with a 15-year mortgage.