Fixed-Rate Loans

Fixed-rate loans generally have repayment terms of 15, 20, or 30 years. Both the interest rate and the monthly payments (for principal and interest) stay the same during the life of the loan.

Source: Federal Trade Commission

A mortgage with payments that remain the same throughout the life of the loan because the interest rate and other terms are fixed and do not change.

Source: U.S. Department of Housing and Urban Development

A mortgage whose rate remains constant throughout the life of the mortgage.

Source: Ginnie Mae

Last reviewed October 2022

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