40 Year Fixed Rate Mortgage

• Payable over 40 years
• Amortized over 40 years
• Payments never change for 40 years
• Rate never changes for 40 years

A 40 year fixed rate mortgage is payable and amortized over a 40 year period. The 40 year mortgage allows for a lower payment than the traditional 30 year fixed mortgage while still providing the security and stability of a 30 year fixed. The interest rate does not change and the payment is exactly the same every month for 40 years. You can ask your lender for a 40 year amortization table if you would like to see how much interest and how much principal will be paid every month over the 480 month term. This can be a great mortgage for a younger borrower that will stay in the house for a long period of time as well as an individual that is looking to refinance and achieve a lower monthly payment.