Fixed-rate mortgage

Fixed-rate loans generally have repayment terms of 15, 20 or 30 years. Both the interest rate and the monthly payments (for principal and interest) stay the same during the life of the loan. Source: Federal Reserve

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Should You Pay Extra on Your Mortgage?

November 21, 2019

Paying down debt is always a good idea. It will reduce the amount you pay in interest and shorten the length of your loan. But it might not be the wisest use of your money until you've done these three things.

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Additional principal payment, Annual percentage rate (APR), Fixed-rate mortgage