Plan your budget

Enjoy a stable mortgage payment with a low interest rate that remains fixed for the life of your loan.

Common types of fixed rate mortgages

The 15-year mortgage

You'll pay less in interest over time. For example, if you borrow $100,000 at a 4% interest rate, extending the repayment period results in more interest paid overall. A 15-year mortgage can reduce the total interest significantly. Plus, 15-year loans often come with lower interest rates, potentially leading to substantial savings.

Your monthly payment will likely be higher. Despite the lower interest rate, a 15-year mortgage usually comes with a slightly increased monthly payment since more of your payment goes toward the principal early on. However, you’ll pay off your mortgage in half the time—an achievement that can bring significant long-term financial freedom.

The 30-year mortgage

You’ll pay more in interest over time. A longer mortgage term means more interest accrues, which is how lenders earn money. They lend you the funds and collect interest throughout the 15 or 30 years it takes to repay the loan.

Your monthly payment will likely be lower. Since the loan is spread out over a longer term, payments on a 30-year mortgage are typically more affordable. This can be a practical option if you’re working with a tighter monthly budget.

How It Works

• Monthly payments are determined by your interest rate, loan amount, and the amortized interest over a 30-year period. With a Fixed Rate Mortgage, your interest rate stays the same for the life of the loan—even if market rates go up!
• Your payment will stay the same for the duration of the loan.
• Your actual payment may vary depending on your financial situation and the prevailing interest rates at the time of application.
• You can pay off your mortgage at any time without incurring pre-payment penalties.

Have questions? Give us a call! One of our mortgage specialists would be happy to answer all of your questions.