15 Year Fixed Rate - Home Buying process provided by Helene Cass and Team specializing in McDowell Mountain Ranch
RE/MAX Fine Properties
21000 N. Pima Road, Suite 100
Scottsdale, AZ 85255
(480) 563-3333
888 471 9500

Fixed-Rate 15-Year Conventional Mortgage:

This product is similar to the 30-year conventional mortgage, except the loan is repaid in half the time. Interest rates are typically lower than for a 30-year loan, and interest paid over the life of the loan is less, but the monthly payments are usually slightly higher. Government-backed loans (VA and FHA) are also available in 15-year terms. Credit scores of 740 or better will get the best rates.

Hypothetical Home Cost: $400,000
Down payment: $80,000
Mortgage Amount: $320,000
Term of Loan: 15 years
Interest Rate: 4.75%
Monthly Payment: $1,669.30

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