Own your home sooner.
If your income has increased since you bought your home, refinancing into a shorter term is one of the best wealth-building moves you can make. While your monthly payment may increase slightly, you build equity significantly faster and get a lower interest rate compared to 30-year loans.
Why switch to a 15-Year Fixed?
Lower Interest Rate
15-year loans typically carry rates 0.5% - 0.75% lower than 30-year loans.
Massive Interest Savings
You pay interest for half the time, saving huge amounts over the life of the loan.
Total Cost Comparison
30-Year Fixed ($400k)
- Rate: 6.5%
- 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 keeping loan for full term. Monthly payment increases, but interest savings are substantial.
Common Questions
Is there a middle ground?
Yes! We offer 20-year and 10-year terms as well. We can also customize a term (e.g., a 23-year loan) to match your retirement timeline exactly.
Is there a prepayment penalty?
No. You can always pay extra on a 30-year loan to pay it off in 15 years. However, a specific 15-year loan forces the savings strategy and rewards you with a lower interest rate immediately.