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Ready to start your home buying journey? Apply now and get pre-approved for your mortgage.
Purchase Rates
Know the rates, know your options. Start building your homeownership plan today.
Monthly Mortgage Calculator
Get a clear picture of your monthly mortgage payment using your rate, credit score, and down payment information.
Affordability Calculator
Not sure what fits your budget? This calculator factors in your income, debts, and down payment to help you find the right price range.
Refinance
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Ready to lower your rate or tap into your equity? Apply now and start your refinance journey with confidence.
Refinance Rates
Rates can change fast. See today’s options and discover potential savings on your mortgage.
Refinance Mortgage Calculator
Wondering how refinancing will affect your monthly payments? See how much you can save.
Cash-Out Refinance Calculator
See how much equity you can tap into. Estimate your new mortgage payment and compare loan options.
Rates
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Calculators
Free, interactive mortgage calculators that can help you along the journey toward your home ownership goals.
Blog
Learn more. Stress less. Our blog breaks down what you need to know to buy, refinance, or plan ahead.
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Check out our FAQs to learn more about Total Mortgage, mortgage lending, home refinancing, and more.
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About
30-Year Fixed
<p>This is our most popular loan for a reason. It’s stable, secure, and affordable.</p>
Benefits
A Steady Rate
Because of its fixed rate, a 30-Year Mortgage won't be affected by economic changes.
Consistent Payments
Your mortgage payments will never change or increase during the life of the loan.
Flexible Repayment
Your mortgage payments will be more affordable, allowing you to pay off the loan faster.
Greater Borrowing Power
With a longer, more affordable loan term, you can borrow more and have more flexibility during your home search.
30-Year Fixed-Rate Mortgage Information
<p>The 30-year mortgage loan has fuelled the American homeownership dreams for years. This mortgage plan is great for individuals who wish to stay in the same home for a long time and for people who prefer a lower monthly mortgage payment. To better understand the eligibility criteria and program details, you can start by <a href="/apply">speaking to one of our seasoned experts</a>.</p>
Key Components of A 30-Year Fixed-Rate Mortgage
<p>Multiple components determine what you will pay the lender every month. These main components are:</p><ul><li><strong>Principal:</strong> A part of the monthly mortgage payment goes into paying the outstanding loan balance.</li><li><strong>Interest:</strong> The interest is another part of the monthly payment that you pay to the lender.</li><li><strong>Escrow:</strong> A certain percentage of the monthly mortgage payment goes into the escrow account to pay homeowners insurance and property taxes.</li><li><strong>Mortgage insurance:</strong> Homeowners with less than 20% down payment of the property's price as down payment need to pay mortgage insurance.</li></ul>
Types Of 30-Year Fixed Mortgages
<ul><li><strong>Conventional 30-Year Fixed Mortgage:</strong> The typical 30-year fixed mortgage loan does not have the support of the government. The loan requirements are stricter than government-supported loans.</li><li><strong>30-Year Fixed Mortgage Rate FHA:</strong> These mortgage loans are supported by the Federal Housing Administration (FHA). They are more friendly than conventional loans.</li><li><strong>30-Year Fixed VA Mortgage:</strong> The government backs these loans. VA loans have been specially created for those military active service members, veterans or surviving spouses.</li></ul>
Factors that Affect 30-Year Fixed Mortgage Rates
<p>Several factors, a mix of internal and external factors, influence the interest rate of a 30-year mortgage loan.</p><ul><li><strong>External factors:</strong> Market conditions like Federal Reserve Policy, economic growth, inflation, unemployment rate, housing market trends, foreign investment, monetary policy, credit market conditions, regulatory changes, energy prices, tax policies, geopolitical events, political climate, and more.</li><li><strong>Internal or personal factors:</strong> Home prices, credit scores, property location, and down payment assistance.</li></ul>
Comparing a 15-year Vs. 30-Year Fixed Mortgage
<p>Choosing between a 15-year fixed-rate and a 30-year mortgage loan requires careful consideration of your situation. Both have their own set of pros and cons.</p><ul><li>If you want to pay off the mortgage faster and have the ability to incur higher monthly payments, the 15-year mortgage loan is the best for you.</li><li>If you require lower monthly payments, the 30-year mortgage loan is the right choice.</li><li>Remember that the interest rate is higher in the case of a 30-year fixed-mortgage loan because the loan term doubles up, and consequently, more interest is accrued.</li></ul>
Pros and Cons of a 30-Year Mortgage Loan
<p>Before deciding on a 30-year fixed-rate mortgage, it's important to consider its advantages and disadvantages.</p>
Pros of a 30-Year Fixed Mortgage Loan
<ul><li>Monthly payments remain stable and predictable when accessing the loan term.</li><li>The monthly payments are lower as the loan tenure is 30 years.</li><li>Since the payment is fixed every month, it is easy to budget for each month.</li><li>Home buyers are protected and secured from rising interest rates over time.</li><li>Homeownership becomes accessible due to lower monthly payments.</li></ul>
Cons of a 30-Year Fixed Mortgage Loan
<ul><li>Home equity takes time to build as the payments are made for a longer period of time.</li><li>The interest rates are higher than short-term loans.</li><li>The term period can make the loan daunting and less flexible.</li></ul>
Making the Right Choice
<p>When choosing a 30-year fixed-mortgage loan, you need to research extensively about available loans and whether you can stay in the home as your primary residence for a long time. You should also consider your financial health and the existing market conditions when choosing this fixed-rate mortgage loan.</p>