15-Year Home Loan
Save more with a 15-year mortgage
Helping our members make smart financial decisions is one of the reasons we exist. It’s why we offer our members competitive rates on 15-year mortgages43 for homes located in Oregon or Washington. If you are thinking about refinancing your current home or buying a new home, connecting with our mortgage team might help you save money and put your financial dreams within reach.
Available on refinances or purchases
Whether you’re refinancing your existing home or purchasing a new home, a 15-year might be the right choice for you.
Refinancing your mortgage can give you the option to pay off your home sooner, but that’s not the only benefit. You can also access the equity that you’ve gained or lower your current rate when the market allows. Refinancing your mortgage could be a smart financial decision.
Because you’re paying off your loan in half the time, the monthly payments are higher on a 15-year mortgage, but rates are lower than a 30-year mortgage. Ultimately, you’ll save more than a decade’s worth of interest payments.
Shorter loan, less interest
It’s simple math. By paying off your loan in half the usual time, you’ll save more than a decade’s worth of interest payments. In the first 15 years of a 30-year fixed-rate mortgage, around two-thirds of your monthly payment gets eaten up by interest, and whatever’s left over gets applied to the principal. With a 15-year mortgage, it’s the opposite. Two-thirds of your payment goes toward paying down your balance, while only a third goes to interest.
Home ownership resources
Owning a home is a rewarding experience. Learn to make the most of it with our helpful homeownership articles on topics like saving for a down payment, using your home equity wisely and upgrading your home with smart home technology.
4315-year mortgage payment example: Loan amount of $240,000 with an annual percentage rate (APR) of 7.561% for 180 months. The monthly payment amount would be $2,224.83. Payment example does not include amounts for taxes and insurance. Actual monthly payment will be higher.