A 15-year fixed-rate mortgage requires a larger down payment than a 30-year fixed-rate mortgage is True.
What is fixed rate mortgage?
A home loan option known as a fixed-rate mortgage has an agreed-upon interest rate for the duration of the loan. In essence, the mortgage's interest rate won't vary during the course of the loan, and the borrower will continue to make the same monthly principal and interest payments.
A 30-year mortgage is designed to be paid off in full within that time frame. A 15-year mortgage has a lower interest rate, and because the period is shorter, you will pay significantly less interest overall. That naturally means that your payment will also be higher than it would be with a 30-year mortgage.
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