Fixed-Rate Mortgage

15-Year vs. 30-Year Fixed-Rate Mortgage¹

Since the interest rates are fixed over their lifetimes, these loans come with a degree of certainty – your mortgage payment won’t change month-to-month for the life of your loan. The 15-year and 30-year fixed-rate mortgages are the two most popular loan types for consumers.

Payments on a 30-year fixed-rate-mortgage are stretched out over a longer period of time, so you’ll end up paying more interest over the lifetime of the loan, but your monthly payments will be lower. You may also be able to qualify for a larger loan amount.

The benefit of a 15-year fixed-rate mortgage, then, is that you’ll pay a lot less in interest while paying off your mortgage faster. This will help you build equity in your home quicker. However, the monthly mortgage payment will be higher when you have a shorter term, so it might be more difficult to qualify for as large a loan amount.

Fixed Rate Repayment Example

The payment and Annual Percentage Rate (APR) example* below assumes a credit score of 735, an LTV of 82%, a $210,000 mortgage loan amount, and 30 days to the first payment. If, given this and market offerings, a homeowner were to qualify for a fixed home loan interest rate of 3.672% APR:

• The monthly payment for a 15-year fixed mortgage would be $1,519.04.
• The monthly payment for a 30-year fixed mortgage term would be $963.24.

Apply for a Fixed-Rate Mortgage

Now that you know the differences between a 15-year and a 30-year fixed-rate mortgage, you’re better able to determine which option works best for your situation. But if you still have questions, or you’re wondering if an adjustable-rate mortgage may be a better fit, your local WesBanco Mortgage Loan Officer can help. They’ll give you what you need to figure out which option is best for you and guide you from application to closing. Ready to take advantage of the stability fixed interest rates afford?

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*Payment and Annual Percentage Rate (APR) example assumes a credit score of 735, a LTV of 82%, a $210,000 mortgage loan amount, and 30 days to the first payment. The APR for a fixed-rate mortgage loan is 3.672% APR. The monthly payment for a 15-year fixed-rate term would be $1,519.04. The monthly payment for a 30-year fixed-rate term would be $963.24. The APR is accurate as of September 10, 2019. The disclosed payment amount does not include amounts for taxes and insurance premiums; the actual payment obligation will be greater. Approval of the loans will be subject to the bank’s standard underwriting.