---
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: '2021-02-11T18:51:19.000Z'
modified: '2021-03-04T21:09:55.000Z'
section: Mortgages
word_count: 251
canonical: https://money.com/refinance-down-to-a-15-year-mortgage-and-early-retirement-may-be-within-reach-ygn/
type: Article
source: structured-blocks
---

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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?

## **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/uae2525d0783?apxa2=pushnami&apxa3=20210119&apxa1=%2F2020-how-to-profit-from-todays-record-low-refinance-rates-stg%2F&ca_referer=money.com%2F2020-how-to-profit-from-todays-record-low-refinance-rates-stg%2F%3Apushnami%3A20210119:answer%20a%20short%20Quicken%20Loans%20survey%20to%20view%20rates&apxp1=answer%20a%20short%20Quicken%20Loans%20survey%20to%20view%20rates&ap_referrer=https%3A%2F%2Fmoney.com%2F2020-how-to-profit-from-todays-record-low-refinance-rates-stg%2F) compared to their 30-year counterparts.

As refinancing homeowners have already paid down a portion of their mortgage, refinancing down to a 15-year mortgage means that their monthly payments are more manageable, especially if their interest rate is lower.

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.

## You may be able to reduce your monthly payment or pay off your loan faster.

### Click your state to get started and see your refinance rate today with Quicken Loans (NMLS #3030).

[Calculate Your Payment](https://money.com/pr/yf1712564db2?ap_referrer=%2Frefinance-down-to-a-15-year-mortgage-and-early-retirement-may-be-within-reach-ygn%2F&url=%2Fp%2Fquicken-loans-mortgage-refinance-review%3Fap_referrer%3D%252Frefinance-down-to-a-15-year-mortgage-and-early-retirement-may-be-within-reach-ygn%252F%26pcuid%3Dyf1712564db2%26pd%3D1%26url%3Dhttps%253A%252F%252Fwww.lmbahsj2.com%252F2B4SBT3%252F964QF6%252F%253Fsub1%253D14282%2526sub2%253Dabm-refi%2526sub4%253DMoney%26vertical_alias%3Dmortgage-refinance%26wafid%3D14282)

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 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/uae2525d0783?apxa2=pushnami&apxa3=20210119&apxa1=%2F2020-how-to-profit-from-todays-record-low-refinance-rates-stg%2F&ca_referer=money.com%2F2020-how-to-profit-from-todays-record-low-refinance-rates-stg%2F%3Apushnami%3A20210119:answer%20a%20short%20Quicken%20Loans%20survey%20to%20view%20rates&apxp1=answer%20a%20short%20Quicken%20Loans%20survey%20to%20view%20rates&ap_referrer=https%3A%2F%2Fmoney.com%2F2020-how-to-profit-from-todays-record-low-refinance-rates-stg%2F) It’s fast, easy, and your data is secure.

### Find out how much you can save today.

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

[View Rates](https://money.com/pr/m46deb538159?ap_referrer=%2Frefinance-down-to-a-15-year-mortgage-and-early-retirement-may-be-within-reach-ygn%2F&url=%2Fp%2Fquicken-loans-mortgage-refinance-review%3Fap_referrer%3D%252Frefinance-down-to-a-15-year-mortgage-and-early-retirement-may-be-within-reach-ygn%252F%26pcuid%3Dm46deb538159%26url%3Dhttps%253A%252F%252Fwww.lmbahsj2.com%252F2B4SBT3%252F964QF6%252F%253Fsub1%253D14282%2526sub2%253Dabm-refi%2526sub4%253DMoney%26vertical_alias%3Dmortgage-refinance%26wafid%3D14282)

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