30 Year Fixed Rate Mortgage

• Payable over 30 years
• Amortized over 30 years
• Payments never change for 30 years
• Rate never changes for 30 years

A 30 year fixed rate mortgage is the traditional mortgage that comes to mind when most people think about mortgages.  The payment never changes for 30 years and the rate is fixed for the entire 30 year period.  The house is paid off after making the monthly payments for 30 years.  An amortization table can show you the exact amounts that will go to principal and interest each month over the 360 month term.  A borrower can always pay down the mortgage in less time by sending in additional principal payments.  30 year fixed mortgages have always been the most common type of mortgage in the United States.