A fixed-rate mortgage gives you predictability regardless of term. Consider choosing a 15-year term over a 20- or 30-year term if:
- You can afford the higher monthly payment of a 15-year loan versus the 20-or 30-year loan. If you’re unsure, visit our 15- vs. 30-year mortgage calculator to estimate your 15-year fixed mortgage monthly payment.
- You expect your source of income to be consistent over the next 15 years
- You have at least 6 months of savings set aside for emergencies
- You have paid off all higher-interest debt
- You have maximized contributions to all tax-advantaged2 accounts
U.S. Bank offers a variety of loan terms and options. Our mortgage loan officers are dedicated to helping you choose the option that’s best for you.