Fixed Rate Mortgages
⭐ Fixed-Rate Mortgages: Simple, Predictable, and Budget-Friendly
A fixed-rate mortgage gives you long-term stability with a monthly payment that never changes. Your interest rate is locked in for the entire life of the loan, making it easier to plan your budget with confidence.
Common Types of Fixed-Rate Mortgages
15-Year Fixed Mortgage
Lower interest costs over time.
Because the repayment period is shorter, you typically receive a lower interest rate and pay significantly less in interest overall.
Higher monthly payments.
Even with a lower rate, the payment is usually higher because you’re paying off the principal faster. However, you’ll own your home free and clear in half the time — a major financial milestone.
30-Year Fixed Mortgage
Higher total interest paid.
With a longer repayment period, you’ll pay more interest over the life of the loan. This is simply because the bank collects interest over a longer timeframe.
Lower monthly payments.
Spreading payments over 30 years creates a more affordable monthly payment. If you’re managing a tighter budget or want more financial flexibility, the 30-year option may be a better fit.
How a Fixed-Rate Mortgage Works
* Your monthly payment is based on your loan amount, interest rate, and a 30-year (or 15-year) amortization schedule.
* Your interest rate never changes, even if market rates rise.
* Your principal and interest payment stays the same for the entire loan term.
* Your total monthly payment may differ depending on taxes, insurance, or HOA dues.
* You can pay off your mortgage at any time — with no prepayment penalties.