A 30-year fixed-rate mortgage offers you a set rate and payments that do not change throughout the life, or term, of the loan. This loan is fully paid off over 30 years. A portion of each monthly payment goes towards paying back the money you borrowed, the "principal", and the rest is "interest". Any money paid into the value of the house, including your down payment, is known as "equity" in the home. The 30-year fixed-rate mortgage typically features lower payments than other mortgages, with the trade-off of more interest paid over time.
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