A 15-year fixed-rate mortgage gives you the ability to own your home free and clear in 15 years. And, while the monthly payments are somewhat higher than a 30-year loan, the interest rate on the 15-year mortgage is usually a little lower. More importantly, you'll pay less than half the total interest cost of the traditional 30-year mortgage.

Many borrowers find the higher payment out of reach and choose a 30-year mortgage. To most, it still makes sense to go with a 30-year mortgage. Since our loans do not have any pre-payment penalty, you can always make extra principal payments to save interest and accelerate the maturity of your loan.