– With the 30 year fixed rate mortgage, the interest rate remains the same from day one, meaning borrowers can depend on the same bill amount from month to month and year to year. For the 30-year term, borrowers pay down the principal, or actual loan amount, along with unchanging interest amount on the mortgage.
Should I Get a Fixed- or Adjustable-Rate Mortgage? – Every mortgage charges interest in order to make the deal worth it for lenders. With fixed-rate mortgages, you lock in a single interest rate for the lifetime of your loan. Usually, the payment period.