Fifteen-Year Mortgage

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Fifteen-Year Mortgage

A mortgage with a maturity of 15 years. A 15-year mortgage usually has a higher payment than a 30-year mortgage because one pays a higher portion of the principal each month.
References in periodicals archive ?
Fifteen-year mortgages carry lower rates than 30-year loans, but their faster amortization schedules require higher monthly payments.
Fifteen-year mortgages have quietly caught fire with refinancing borrowers.
Fifteen-year mortgages slightly trailed 30-year mortgages year to date through April 30, 1999.