What stays fixed
The interest rate and scheduled principal-and-interest payment remain constant. Taxes, insurance, mortgage insurance, and association dues may still change.
Menu
FIXED-RATE MORTGAGE
A consistent principal-and-interest payment for the loan term.
With a fixed-rate mortgage, the interest rate does not change during the loan term, making the scheduled principal-and-interest payment predictable.
Term changes the tradeoff
A shorter term generally raises the monthly payment but can reduce total interest. A longer term generally lowers the payment but can increase total interest.
Points and costs
A lower note rate may involve discount points or other upfront costs. Compare the break-even period with how long you expect to keep the loan.
This page is for general education only. It does not describe every program requirement and is not a loan offer, approval, or commitment to lend. Available programs and terms depend on a complete application and applicable guidelines.