Archived Article About 15-Year Mortgage Terms

Historical article notice. An older article on this URL made mortgage-rate and payment claims that are no longer suitable for current planning. That material has been removed. This page does not quote a current rate, calculate savings, or offer a particular loan term.

How to compare loan terms

For a comparable loan amount, a shorter repayment term generally means a higher monthly principal-and-interest payment and less interest paid over the full term. A longer term generally means a lower monthly principal-and-interest payment and more interest paid over the full term. The actual comparison depends on each loan’s rate, fees, and terms. Property taxes, insurance, and other housing costs also matter. The Consumer Financial Protection Bureau’s loan comparison guide explains these tradeoffs and recommends comparing Loan Estimates.

For current planning, review NorthStar Funding’s Fixed Rate Mortgage Loans page and its adjustable versus fixed mortgage comparison. You can also browse Mortgage Loan Options or contact NorthStar Funding to discuss a specific purchase or refinance. Available programs, rates, costs, and qualification require a current review.