The typical mortgage program is when your monthly payments for interest and principal do not change. Property taxes and homeowners insurance may increase, but usually your monthly payments will remain virtually unchanged.
Fixed-rate mortgages are available for 30 years, 20 years, 15 years and even 10 years. There are also ""bi-weekly"" mortgages, which ask for half the monthly payment every two weeks.
Fixed rate fully amortizing loans have two distinct features. One is that the interest rate remains fixed for the entirety of the loan. Also the payments remain level for the span of the loan and are structured to repay the loan at the end of the loan term. The most common fixed rate loans are 15 year and 30 year mortgages.
During the early amortization period, a large percentage of the monthly payment is used for paying the interest. As the loan is paid down, more of the monthly payment is applied to principal. A typical 30 year fixed rate mortgage takes 22.5 years of level payments to pay half of the original loan amount."
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