You’ll pay off your mortgage in 15 years. Because you’ll pay off the loan faster than a 30-year mortgage, you’ll pay less in interest over the life of the loan.
Because your interest rate is locked for the life of your loan, your principal and interest payments won’t change over the life of the loan. The amount for your taxes and insurance can go up and down.
You may have to pay for mortgage insurance, depending on your down payment amount if you’re buying a home, or how much equity you have if you’re refinancing.