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Fifteen-Year Fixed-Rate Mortgage Arkansas Development Finance Authority Conventional Mortgage FHA Loan (Federal Housing Administration) Rural Development Loan Thirty-Year Fixed-Rate Mortgage Veterans Affairs

This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate – and you’ll own your home twice as fast. The disadvantage? You must commit to a higher monthly payment.

As an alternative, many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn’t that great.