30-year fixed-rate mortgage information
Learn how a longer fixed term changes the required payment, payoff schedule, and total interest.
Discuss fixed-rate term options
Is a 30-year fixed-rate mortgage right for you?
What is a 30-Year Fixed-Rate Loan?
The 30-year fixed-rate mortgage is as traditional as they come. The interest rate and monthly payment are static for the life of the loan. This is a solid option for buyers looking to stay in their homes for many years to come.
A longer payoff schedule lowers the required principal-and-interest payment for the same balance and rate, but increases total scheduled interest.
Review the payment, rate, annual percentage rate, points, fees, changing housing costs, and long-term goals for the complete scenario.
What to review
Discuss these items with a licensed mortgage professional:
- The required principal-and-interest payment
- The rate, annual percentage rate, points, and fees
- The payoff schedule and total scheduled interest
- Taxes, insurance, mortgage insurance, and other housing costs
Important 30-year term considerations
A 30-year fixed-rate mortgage keeps its note rate and scheduled principal-and-interest structure for the term. Taxes, insurance, mortgage insurance, and other housing costs can still change.
View verified contact details Required monthly
payment
Payoff schedule
and interest
Changing housing
costs
Discuss fixed-rate term options
A licensed mortgage professional can compare verified term, payment, rate, and cost information for your complete scenario.
View contact optionsThis page provides general information only. It is not a loan approval, commitment, eligibility decision, or rate quote. Program, lender, property, credit, and documentation requirements can vary.