Fixed Payments | Pay Off Your Loan Faster | Pay Less Interest
Kurv Loans
15-Year Fixed
Loan
Want to pay off your home loan faster? A 15-year fixed-rate loan might be the solution. This loan type keeps the interest rate fixed throughout the life of the loan. A 15-year fixed loan offers all of the stability of a conventional loan; however, payments are much higher as the term is cut in half. A shorter loan term allows borrowers to pay off their loan more quickly and save money on interest.
Fixed Payments | Pay Off Your Loan Faster | Pay Less Interest
Kirv Loans 15-Year Fixed Loan
Want to pay off your home loan faster? A 15-year fixed-rate loan might be the solution. This loan type keeps the interest rate fixed throughout the life of the loan. A 15-year fixed loan offers all of the stability of a conventional loan; however, payments are much higher as the term is cut in half. A shorter loan term allows borrowers to pay off their loan more quickly and save money on interest.
Our no-obligation calculators make it easy to see how much you can afford, or how much you could potentially save, with a mortgage loan from Kurv Loans.
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If you plan to own your home for a long time, a fixed-rate loan from Kurv Loans might be the way to go.
How Much Interest Can You Save?
A 15-year mortgage costs less in the long run since the total interest payments are less than a 30-year mortgage. Since you’re borrowing the money for half as long, the total interest paid will likely be half of what you’d pay over 30 years.
Common 15-Year Fixed Loan Questions
What are the requirements for a 15-year fixed loan?
- A minimum 3% down payment
- A minimum FICO® Score of 620
- A debt-to-income ratio (DTI) of no more than 50%
Common 30-Year Fixed Loan Questions
Is Now The Right Time To Lock In An Interest Rate?
Interest rates are still relatively low, so it’s a perfect time to purchase or refinance a home with Kurv Loans. If you choose a fixed-rate mortgage, the amount of interest and principal you pay monthly won’t increase when interest rates go up.
Do 15-year Fixed Rate Loans Build Equity Faster?
Usually, yes. A 15-year fixed-rate mortgage, with its lower interest rate and higher payment amount, builds home equity faster because you pay down the principal balance quicker.
Who Should Avoid A 15-Year Fixed-Rate Loan?
Because payments are much higher, you may want to avoid the 15-year mortgage if your income is variable. You’ll want to ensure that you have the income to meet the payments, which isn’t always possible for freelancers, gig workers, or those that work off commissions.
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