15-Year or 30-Year Mortgage?
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In Business Since
BBB Rating
Dedicated Loan Officer
Two Loan Terms, One Big Decision
The industry standard mortgage product in the United States is the 30-year fixed-rate mortgage, which is used by more than 85% of homebuyers. However, the 15-year fixed-rate mortgage has been gaining traction, as it can be a smart way to save thousands in interest charges over the term of your loan.
Here’s a comparison between the pros and cons of each loan term, so you can decide which one is best for you.
15-Year vs 30-Year Fixed-Rate Mortgage
Lower rate. Faster payoff. Less interest over time.
- Lower interest rate than a 30-year loan for the same property
- Paid off in half the time — build equity and own your home sooner
- Save thousands in total interest charges over the life of the loan
- Monthly payment is fixed — stable regardless of market rates or inflation
- Monthly payment is much higher than a 30-year loan for the same property
- Harder to qualify — the higher required payment affects your debt-to-income ratio
Lower payment. More monthly flexibility.
- Lower monthly payment makes homeownership more accessible
- Sizable tax deduction on interest payments, especially in the early years
- Fixed rate means the same payment every month — predictable budgeting
- Easier to qualify — lower payment improves your debt-to-income ratio
- Higher interest rate — and twice as long for interest to accrue on your balance
- May not be ideal if you want a lower rate or don't plan to stay long-term
Run Your Numbers
Qualification Reference
580+ (FHA) / 620+ (Conventional) / 700+ for Jumbo loans
As low as 3.5% FHA · 3–5% Conventional · 0% VA · 20%+ Jumbo
Up to 50% — depends on loan type and full financial picture
W2, self-employed, 1099. Bank statement and P&L income accepted.
Single-family, multi-family (2–4 units), condo, co-op, townhouse, condotel
NY · NJ · CT · PA · FL — serving the NY metro since 2006
Why Buyers Choose Powerhouse Solutions for Their Purchase Loan
In a market where sellers choose the fastest, cleanest offer, your timeline is a competitive advantage. As a direct lender, we control every step of the process — no bank committees, no broker chains. Most of our purchase closings happen in under 30 days.
You'll be assigned a dedicated loan officer on day one — not a call center, not a rotating team. They know your file, they answer your calls, and they're the same person at your closing table. For a first-time buyer, that continuity is everything.
We originate, underwrite, and fund your loan in-house. That means faster decisions, fewer surprises, and rates that don't have a broker's margin built into them. You deal with us — no one else.
W2, self-employed, 1099, commission-based, recent job change — we've seen every income situation. If there's a way to get you qualified, we'll find it.