A 30 year fixed rate mortgage features interest payments fixed at a specified level for specified period of time (30 years), meaning you will pay the same amount of interest for a specified term. This allows you to budget more effectively at the start of your mortgage. It offers the lowest monthly payments of fixed rate loans, while providing for a never-changing monthly payment schedule. The drawback for 30-year fixed-rate mortgages is the increased amount of interest paid over the life of the loans.
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