30-Year, 20-Year, 15-Year Fixed Rate Mortgage

• A mortgage with an interest rate and monthly payments that remain constant over the life of the loan.
  
• The most popular are the 30 and 15 year programs.
  
• A 30-year fixed rate will afford you a lower monthly payment than a 15-year fixed program. However, if you can afford a higher monthly payment, your loan will be repaid twice as fast.

Example:

30-Year Fixed @6.25% vs. 15-Year Fixed @6.25%
(show example here …)