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Fixed-Rate Mortgage

A fixed rate mortgage has a fixed interest rate that does not change over the life of the loan.

Features of a fixed-rate mortgage

Benefits of a fixed-rate mortgage

  • Predictable monthly P&I payments allow you to budget more easily. 
  • Protection from rising interest rates for the life of the loan, no matter how high interest rates go. 
  • May be a good choice if you plan to stay in your home for a long time. 

Considerations

  • The overall interest you pay is higher on a longer-term loan than on a shorter-term loan. 
  • On a shorter-term loan, while the interest rate may be lower than that of a longer term loan, the monthly P&I payment is typically higher than on a longer-term loan because it's being paid off in a shorter time period.


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Principal and interest (P&I)
The 2 main components of your monthly payment. The principal portion reduces your loan balance, while the interest is your cost for using the principal. Your monthly payments may include taxes and insurance in addition to P&I.