Fixed Rate Mortgage Predictable, for the long haul.
Interest rate and payments remain the same for the entire term of the loan. Common terms are 30, 20, 15, and 10 years.
A fixed-rate mortgage locks your interest rate — and your principal-and-interest payment — for the entire loan term, usually 30, 20, 15, or 10 years. Nothing changes if the market moves, which makes it the most predictable way to finance a home and the usual starting point for first-time buyers.
One rate. One payment. The whole way through.
A fixed-rate mortgage locks your interest rate — and your principal-and-interest payment — for the entire term of the loan. Whether rates rise or fall in the years ahead, what you signed up for at closing is what you keep paying.
Predictable payments make budgeting easier and protect you from rising rates. The trade-off is you don't benefit if rates fall — refinancing is the path there.
Common terms
30-year fixed
The lowest monthly payment of any common term. You pay more interest over the life of the loan, but you keep cash flow flexible — useful for buyers who want to invest the difference, or who just want lower monthly stress.
15-year fixed
Higher monthly payment, but you'll be done in half the time and pay roughly half the lifetime interest. 15-year rates also tend to run lower than 30-year rates because lenders carry less duration risk.
20-year and 10-year
Less common but available. A 20-year splits the difference between 30 and 15. A 10-year is for borrowers who want to be mortgage-free fast and have the cash flow to support it.
How it works
- Your interest rate and principal-and-interest payment never change.
- Property tax and insurance escrow can change year-to-year — that's normal.
- No prepayment penalties — you can pay extra principal or pay off the loan whenever you want.
- Refinance later if rates drop significantly.
Want to see the math on different terms for your scenario? Get a quote and we'll model 30-, 20-, 15-, and 10-year side by side.
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Tell us a little about your situation and we'll send personalized loan options within one business day.
15-year vs. 30-year fixed mortgage
The 30-year keeps your monthly payment lowest; the 15-year carries a higher payment but a lower rate and roughly half the total interest. It comes down to whether you're optimizing for monthly cash flow or long-term savings.
| Feature | 15-Year Fixed | 30-Year Fixed |
|---|---|---|
| Monthly payment | Higher | Lower |
| Interest rate | Usually lower (often ~0.5–0.75% below a 30-year) | Slightly higher |
| Total interest paid | Much less — roughly half | More |
| Equity build-up | Faster | Slower |
| Payment flexibility | Less — the higher payment is fixed | More — pay extra to mimic a 15-year, then stop if money's tight |
| Best for | Buyers who can afford more and want to save on interest | Buyers prioritizing a lower payment and cash-flow cushion |
Fixed Rate Mortgage FAQs
What is a fixed-rate mortgage?
A fixed-rate mortgage is a home loan where the interest rate stays the same for the entire term — typically 30, 20, 15, or 10 years. Your principal-and-interest payment never changes, even if market rates move.
What term length is best?
30-year terms keep monthly payments lowest. 15-year terms have higher payments but cut total interest paid by roughly half. We model both side-by-side based on how long you plan to stay in the home.
Can I refinance a fixed-rate mortgage later?
Yes. If rates drop meaningfully or your financial picture changes, you can refinance into a new fixed-rate or different loan type. There is no prepayment penalty on our standard fixed-rate products.
Also worth looking at
FHA Loan
A government-insured loan with flexible requirements — lower down payments, lenient credit, and competitive rates.
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Flexible VA home loans as either fixed-rate or ARM mortgages — for eligible service members, veterans, and surviving spouses.
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Roll the costs of renovation into your loan — for buyers of fixer-uppers and owners planning major improvements.
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Purchase a home with no money down in certain rural and suburban areas. USDA loans are backed by the U.S. Department of Agriculture.
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