A larger down payment is needed for a 15-year fixed-rate mortgage than for a 30-year fixed-rate mortgage.

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A larger down payment is required for a 15-year fixed-rate mortgage than for a 30-year fixed-rate mortgage because the shorter loan term results in a higher monthly payment. To qualify for a 15-year mortgage, borrowers typically need to make a larger down payment to reduce the loan amount and lower the monthly payment.

A Larger Down Payment Is Needed for a 15-Year Fixed-Rate