The 15 Year Fixed Rate Mortgage - How To Pay Off Your House Fast

Thinking of a 15 year fixed rate mortgage to pay off your house fast?

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"There are few things in this life that equals the sensation of being paid up." --Kin Hubbard, Abe Martin's Primer, 1914

My friend, Tucker, lives near a farming community. Waiting for his coffee the other day, he watched in wonder as a young man pulled away in his Ferrari. "Probably takes his entire paycheck to make that payment", Tucker mused.

Walking back out to his truck, he questioned himself, "Tucker, what's wrong with you? Why do you continue driving the same vehicle year after year? You've worked smart. What do you have to show for all of the money you've made?"

And right in the middle of the parking lot, he stopped! "I own a house that does not belong to the bank! I haven't needed a mortgage in years! And all because of the 15 year fixed rate mortgage."

Mortgage Amortization That Saves Money

The 15 year fixed rate mortgage is the easiest way to take advantage of mortgage amortization. It's also the greatest bargain.

Not only is your interest rate lower than a 30 year home loan, the 15 year fixed rate mortgage saves you thousands and thousands of dollars in interest over the years. Plus you'll be mortgage free after 180 payments!

Example: You borrow $200,000 and your brother Donald does too. You choose a 15 year fixed rate mortgage but Donald opts for a 30 year mortgage.

Speed up the clock another 15 years. You've paid off your mortgage. Your brother still has to repay $142,00 in principal and an additional $74,000 in interest over the next 15 years.

After 30 years, Donald's total interest paid will be approximately $232,000. That's nearly $128,000 more interest that your brother has to pay for borrowing the same $200,000 as you.

Yes, Donald's mortgage payment has been lower but for the next 15 years, unlike Donald, you have NO payment!

You Can Pay Off Your Mortgage

If thoughts of being mortgage free are appealing, a 15 year fixed mortgage may be just the home loan for you.

How will your mortgage payment look on a 15 year fixed rate mortgage? Use my easy and free Online Mortgage Calculator to see.

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The numbers in this example are estimated. Consult a lender for exact numbers and outcome. Interest rates vary and could determine a different result.