---
title: Refinance Down To A 15-year Mortgage And Early Retirement May Be Within Reach
description: The unfortunate truth is that the cost of renting or owning a home is a huge expense for a majority of Americans. A 30-year mortgage…
published: '2021-09-13T17:11:45.000Z'
modified: '2021-09-23T11:57:47.000Z'
section: Mortgages
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canonical: https://money.com/refinance-down-to-a-15-year-mortgage-and-early-retirement-may-be-within-reach-flip/
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![White house with grey roof surrounded by greenery](https://img.money.com/2020/10/GettyImages-75627258.jpg)

The unfortunate truth is that the cost of renting or owning a home is a huge expense for a majority of Americans. A 30-year mortgage is a big reason why early retirement is out of reach for many as well.

As mortgage rates have fallen to the lowest levels in U.S. history because of the pandemic--currently between 2% and 3%-- this may not be true anymore.

But how so?

## Interested in Retiring Earlier? Refinancing Your Mortgage With Quicken Loans (NMLS #3030) Can Help!

### Click your state to get started and reap the benefits today.

[Calculate Your Payment](https://money.com/pr/kbf32c439e62?ap_referrer=%2Frefinance-down-to-a-15-year-mortgage-and-early-retirement-may-be-within-reach-flip%2F)

## **Five Words: Refinancing To A 15-year Mortgage**

First, let’s keep in mind that 15-year mortgage loans have always had lower interest rates than longer-term mortgages because these short-term loans are viewed as less risky investments. Naturally, plummeting mortgage rates have then caused 15-year loans to have [ultra-low interest rates](https://money.com/pr/mccc73f218a5?ca_referer=%2Frefinance-down-to-a-15-year-mortgage-and-early-retirement-may-be-within-reach-flip%2F&ap_referrer=%2Frefinance-down-to-a-15-year-mortgage-and-early-retirement-may-be-within-reach-flip%2F) compared to their 30-year counterparts.

This means that a 15-year refinanced mortgage may allow you to pay lower interest rates for fewer years, and therefore rid yourself of mortgage debt faster.

Enter early retirement or watch your savings and/or investment portfolio grow faster and a huge weight is lifted off your shoulders.

This is why [Quicken Loans](https://money.com/pr/sb926c11ed10?ap_referrer=https%253A%252F%252Fmoney.com%252Frefinance-down-to-a-15-year-mortgage-and-early-retirement-may-be-within-reach-flip%252F) urges Americans to calculate the cost of a 15-year loan now.

![](https://img.money.com/2021/02/bill-statement-02.jpg?quality=85)

![](https://img.money.com/2021/02/billing-A-fixed.jpg?quality=85)

## **Is Now The Right Time? What If I Already Refinanced?**

Here’s how to find out:[answer a short Quicken Loans survey to view rates.](https://money.com/pr/mccc73f218a5?ca_referer=%2Frefinance-down-to-a-15-year-mortgage-and-early-retirement-may-be-within-reach-flip%2F&ap_referrer=%2Frefinance-down-to-a-15-year-mortgage-and-early-retirement-may-be-within-reach-flip%2F) It’s fast, easy, and your data is secure.

![](https://s3.consumersadvocate.org/prd/image/image/22258/large_c4af4862-2fc0-4478-9484-4358669e11ec.png)

Find out how much you can save today.

[View Rates](https://money.com/pr/e19383beaa2f?ap_referrer=%2Frefinance-down-to-a-15-year-mortgage-and-early-retirement-may-be-within-reach-flip%2F)

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