Fixed Rate Home Loan Terms

 

15 year-fixed rate

Advantages:

Level principal and interest payments for the full term of the loan. No risk that changing market conditions will increase your monthly payments. The loan balance will decrease more rapidly than a 30 Year mortgage.

Best Choice If:
  • You plan on staying in the home long-term
  • You need your monthly payments to remain fixed over the life of the loan.
  • You would like to pay-off the loan balance quickly.

For example, a 15-year fixed rate loan for $200,000 with a 5.375% interest rate (5.698% APR) would require 180 monthly principal and interest payments of $1,620.94. Taxes and insurance escrows are not included. Other rates and terms are available. The terms used in this example are for illustrative purposes only and the actual terms you receive may be different depending on your individual circumstances. Loans with longer terms may increase the total number of monthly debt payments, as well as the aggregate amount paid over the mortgage term as compared to loans with shorter terms.

20- year fixed rate

Advantages:

Level principal and interest payments for the full term of the loan. No risk that changing market conditions will increase your monthly payments. The loan balance will decrease more rapidly than a 30 Year mortgage.

Best Choice If:

  • You plan on staying in the home long-term.
  • You need your monthly payments to remain fixed over the life of the loan.
  • You would like to pay-off the loan balance quickly.

For example, a 20-year fixed rate loan for $200,000 with a 6.000% interest rate (6.446% APR) would require 240 monthly principal and interest payments of $1,432.87. Taxes and insurance escrows are not included. Other rates and terms are available. The terms used in this example are for illustrative purposes only and the actual terms you receive may be different depending on your individual circumstances. Loans with longer terms may increase the total number of monthly debt payments, as well as the aggregate amount paid over the mortgage term as compared to loans with shorter terms.


30-year fixed rate

Advantages:

Level principal and interest payments for the full term of the loan. No risk that changing market conditions will increase your monthly payments

Best Choice If:

  • You plan on staying in the home long-term.
  • You need your monthly payments to remain fixed over the life of the loan.

For example, a 30-year fixed rate loan for $200,000 with a 6.000% interest rate (6.336% APR) would require 360 monthly principal and interest payments of $1,199.11. Taxes and insurance escrows are not included. Other rates and terms are available. The terms used in this example are for illustrative purposes only and the actual terms you receive may be different depending on your individual circumstances. Loans with longer terms may increase the total number of monthly debt payments, as well as the aggregate amount paid over the mortgage term as compared to loans with shorter terms.