Loan program
30-Year Fixed Mortgage
The most popular home loan in America. One rate, one payment, for the full 30 years.
What type of home loan are you interested in?
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Rate and principal-and-interest payment never change
Lowest monthly payment of any fixed-rate term
Pay extra anytime to shorten the loan; most loans have no prepayment penalty
A 30-year fixed spreads your loan over 360 payments at a rate that is locked for the life of the loan. Your principal and interest payment stays the same from the first month to the last, which makes budgeting simple even when rates move.
How it compares
- Versus a 15-year fixed: the monthly payment is lower, but you pay more interest over the life of the loan.
- Versus an ARM: you give up a possibly lower starting rate in exchange for certainty.
Good to know
Your total payment can still change if property taxes or homeowners insurance change, since those are usually paid through an escrow account. If rates drop later, a refinance can lower your rate.
Best for: Buyers who want the lowest predictable monthly payment and plan to stay a while.
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A few quick questions, about two minutes. It doesn't touch your credit.