30-Year Fixed-Rate Mortgage
The most predictable mortgage there is: one rate, one payment, thirty years.
A 30-year fixed is the default American mortgage for a reason. Your interest rate never changes, so the principal-and-interest portion of your payment on the last month is identical to the first. Spreading repayment over 360 months also produces the lowest payment of any fully amortizing fixed-rate term, which is what lets most buyers afford the house they actually want.
The trade-off is total interest. You are borrowing for twice as long as a 15-year loan, and you pay for that time.
A good fit when…
- You want the lowest possible fixed payment
- You plan to stay in the home for a long time
- You would rather keep monthly cash free for savings, tuition, or investing
- You want budget certainty and no exposure to future rate moves
Worth knowing
- You will pay substantially more total interest than on a shorter term
- Equity builds slowly in the early years, since most of each payment goes to interest
- The rate is usually a little higher than a 15-year fixed
Our take. Nothing stops you from paying a 30-year loan down faster. Many people take the 30-year for the payment flexibility and then add principal voluntarily — you get the lower required payment as a floor and the shorter payoff when cash allows.
Not sure this is the right program?
Most people arrive certain they need one specific loan and leave with a better-fitting one. Tell us what you are trying to do and we will lay out the realistic options side by side — payment, cash to close, and total cost — so you can compare them honestly.
15-Year FixedAdjustable RateFHA LoansVA LoansUSDA LoansJumbo Loans203k Renovation
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