The interest rate for this loan will stay the same for the entire term of the loan. The term for this loan is 15 years. Payments are calculated so that you make a monthly payment for 15 years (180 payments total) and pay the loan off in full at the end of that 15-year period. Interest rates for this loan are generally slightly lower then for a 30 year fixed rate loan. Because the loan is paid in full in 15 years, the payments are larger. Qualifying for this loan is more difficult because of the larger payments. Because you pay off your loan in half the time of a 30-year fixed, you will pay much less interest on this loan .