10 Year Fixed Rate Mortgage

• Payable over 10 years
• Amortized over 10 years
• Payments never change for 10 years
• Rate never changes for 10 years

A 10 year fixed rate mortgage will require a payment that is quite a bit higher than a traditional 30 year fixed rate mortgage.  The advantages of a 10 year fixed rate mortgage include less interest payable over the life of the loan as well as a lower interest rate than a traditional mortgage.  10 year fixed rate mortgages will be paid off in just 120 months and an amortization table is a great way to see how much principal and interest is paid each month.  The 10 year fixed rate mortgage will pay down the principal much faster than a 30 year fixed rate mortgage.