The 30 year fixed is the most common mortgage in America for a reason. Your principal and interest payment never changes, and spreading the loan over 30 years keeps that payment lower than shorter terms.
Who it fits
The lowest steady payment
Buyers who want the lowest predictable monthly payment
Payment calculatorStaying for years
Owners who plan to stay for many years
Home purchase loansRoom in the budget
Buyers who want room in the budget for savings and life
What can I afford?Stability first
Anyone who values stability over paying the loan off fast
Compare with an ARMHow it works
Your rate is locked for the full term, so the principal and interest portion of your payment stays the same. Taxes and insurance can still change over time.
You can always pay extra toward principal without penalty on most loans, which gives you the flexibility of a 30 year payment with the option of a faster payoff.
Key facts
- Term
- 360 monthly payments
- Payment
- Principal and interest never change
- Available with
- Conventional, FHA, VA, USDA and jumbo
- Extra payments
- Allowed on most loans with no penalty
Common questions
Is a 30 year or 15 year mortgage better?
A 15 year loan costs less in total interest but has a higher payment. A 30 year loan keeps the payment lower. Our calculator lets you compare both in seconds.
Can I pay off a 30 year mortgage early?
Yes. Most loans we place have no prepayment penalty.
Does a fixed rate ever change?
No. Only your escrow for taxes and insurance can change.
