A 15 year fixed-rate mortgage offers a lower interest rate than a 30-year or a 20-year fixed rate mortgage and will save you a significant amount of mortgage interest over the life of a loan. You will build up equity in your home quickly, which can allow you to move to pay off the mortgage loan sooner or move to a more expensive home sooner. If you are nearing retirement, this shorter-term allows you to own your home faster.
A 15 years fixed interest rate is suitable for people seeking to pay the loan quickly and thus prefer 15 years fixed rate as compare to a variable rate or 30 years fixed. The term of 15 year fixed loan program is short as compared to 30 years fixed. Thus, monthly payments are higher but the mortgage loan amount pays off quickly and you pay a considerable less mortgage interest amount over the life of the loan.