Fifteen-Year Mortgage

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 mortgage portfolios are receiving bids of four and one-half times their premiums, and servicing on seven-year balloon mortgages is selling at four times the annual servicing fee.
Fifteen-year mortgages averaged 2.86 percent, down from 2.89 percent in the previous week.
Fifteen-year mortgages carry lower rates than 30-year loans, but their faster amortization schedules require higher monthly payments.
Local financial institutions reported on October 31, 2005, rates of 5.95 percent for fifteen-year mortgages, 6.32 percent for thirty-year mortgages, and 5.35 percent for one-year adjustable mortgages.
In contrast, 17 percent had mortgages with a shorter maturity, most of whom chose fifteen-year mortgages, and shortened their maturity by an average of 71/2 years (not in table).