Strategy focus

Shorten your term

Pay off your home years earlier and save tens of thousands in interest by switching to a 15- or 20-year fixed rate.

Apply now All refinance options

Own your home sooner

If your income has grown since you bought, refinancing into a shorter term is one of the most effective wealth-building moves available to you.

Your monthly payment rises, but you build equity dramatically faster and typically secure a lower interest rate than 30-year loans carry.

Why switch to a 15-year fixed?

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Lower interest rate

15-year loans typically price 0.5%–0.75% below comparable 30-year loans.

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Far less total interest

You pay interest for half as long, which compounds into very large lifetime savings.

Total cost comparison

30-year fixed ($400k)

Rate:6.50%
Monthly P&I:$2,528
Total interest paid:$510,000

15-year fixed ($400k)

Rate:5.75%
Monthly P&I:$3,322
Total interest paid:$198,000
Lifetime savings:$312,000

Example assumes each loan is held to full term. The monthly payment increases by roughly $794 — make sure that fits your budget before committing to a shorter term.

Common questions

Is there a middle ground?
Yes. A 20-year fixed sits between the two: most of the interest savings of a 15-year term with a payment much closer to a 30-year. You can also take the 30-year and simply pay extra toward principal each month, which gives you the flexibility to drop back to the required payment if money gets tight.

Is there a prepayment penalty?
Not on the conventional loans we place — you can pay ahead or pay off entirely at any time without a fee. Some specialty and investor products do carry prepayment terms, and we will flag it clearly before you sign if any option we present does.

Let us beat your rate

No obligation analysis. No hidden junk fees. If we can’t beat your deal, at least you’ll know you have the best one.

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