Loan program

30-year fixed

A principal and interest payment that stays the same for all 30 years, which keeps budgeting simple.

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See illustrative rates

A modest craftsman-style family home with a covered front porch, wooden steps and a small lawn on an overcast morning, trees in soft focus behind.

Typical terms

30-year term with a fixed interest rate. Principal and interest stay level, while property taxes, insurance and any HOA dues can change.

Example minimum down payment

5% of the purchase price in this example.

Who it is for

Buyers who want a steady monthly payment and plan to stay in the home for several years, and anyone who prefers a lower monthly payment than a shorter term would give.

Pros

A level principal and interest payment for the whole term. A lower monthly payment than a 15-year loan of the same amount. Simple to plan around.

Considerations

You pay more interest over the life of the loan than you would on a shorter term. Equity builds slowly in the early years, as the paydown bars show.

About this program

A 30-year fixed loan spreads repayment over 360 monthly payments at one interest rate. Because the rate does not change, the principal and interest part of your payment stays the same from the first month to the last.

In the early years most of each payment goes to interest. Over time the balance shifts, and in the final years most of each payment reduces the amount you owe. The paydown bars in the Payment Planner draw that shift year by year for your own figures.

Try the planner with your price, down payment and rate to see an illustrative monthly payment. Figures are illustrative only and are not a rate quote or an offer to lend. Your loan officer can explain which terms may apply to you.

Try it with this program

Home price

Down payment

$22,500 down

Term

Illustrative interest rate

For a $427,500 loan, about $2,632 a month in principal and interest.