30-Year, Fixed-Rate Loans
- All home loan types are eligible
- Payments often lower than 15-year mortgages
- Interest costs often higher than 15-year mortgages
- Monthly interest payments don’t change
15-Year, Fixed-Rate Loans
- All home loan types are eligible
- Payments often higher than 30-year mortgages
- Interest costs often lower than 30-year mortgages
- Monthly interest payments don’t change
Predictable Monthly Interest Payments
30-year, fixed-rate mortgages give you lower monthly payments and predictable interest costs over the life of these loans. You can buy, refinance, and get cash from your home equity with 30-year loans. However, your interest costs are typically higher than 15-year loans.
30-Year, Fixed-Rate Loan Considerations
Interest Rates
Interest rates for 30-year loans are typically higher than the rates for 15-year loans. This is one of the reasons you’ll likely pay more in interest over the life of the loan with a 30-year mortgage, compared to a 15-year mortgage. The longer loan term often increases your interest costs, as well.
Credit and Income Requirements
Lenders typically have minimum credit scores for 30-year mortgages, similar to those for 15-year mortgages. They may have lower income requirements, compared to 15-year mortgages, since 30-year loans usually have lower minimum monthly payments than 15-year loans.
Down Payments, Closing Costs
Depending on your loan type, you may be required to make a down payment when you buy a house with a 30-year, fixed-rate mortgage. Homebuyers who qualify for VA or USDA loans may not need to make a down payment. You’ll pay closing costs on most loans, too.
Monthly Payments
The minimum monthly payments on 30-year mortgages are generally lower than those for 15-year mortgages. A fixed rate means that your principal and interest payments won’t change. However, changes in the cost of mortgage insurance, homeowners insurance, or property taxes can change your total monthly payment.
Estimate Your Loan Payments and Savings
Mortgage Payment Calculator
Find out how much you might pay each month for principal, interest, taxes, and insurance.
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Cash Out Refinance Calculator
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Refinance Calculator
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Mortgage Payment Calculator
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Cash Out Refinance Calculator
Discover how much cash you could get from your home's equity to help you reach your goals.
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Refinance Calculator
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Get Started30-Year, Fixed-Rate Mortgage FAQs
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The rate we may be able to offer you on a 30-year, fixed-rate mortgage is personal to you. The type of loan you want, your credit score, your income, finances, and the current market all affect the mortgage rate you might get.
Freedom Mortgage may be able to offer you a rate that is lower—or higher—than the rate you may have seen advertised by other lenders. Ask us today what 30-year, fixed-rate we can offer you. Call a loan advisor at 877-220-5533.
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Most mortgages allow you to choose a 30-year, fixed-rate loan when you buy a home, refinance a home, or get cash from your home’s equity. These include FHA, VA, USDA, and Conventional loans. See the comparison table farther down this page to learn more about your mortgage choices.
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A 30-year mortgage can make buying or refinancing a home more affordable, because it typically has lower minimum monthly payments than a 15-year mortgage.
Keep in mind that you’ll probably pay more money in interest over the life of the loan with a 30-year mortgage. Our loan advisors can help you decide which loan is right for you.
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Freedom Mortgage can make buying or refinancing a home with a 30-year, fixed-rate loan simpler. To apply with us, call 877-220-5533, and speak with an experienced loan advisor. You can also get started by filling out this online form.
Compare Different Types of Home Loans
| Loan | Eligibility | Minimum Credit Score | Minimum Down Payment | Upfront Fees/ Insurance | Monthly Fees/ Insurance | Streamline Refinancing |
|---|---|---|---|---|---|---|
| Conventional | All homebuyers and owners | Often 620 | Often 5% | No | No with at least 20% equity | No |
| FHA | All homebuyers and owners | Often 550 | As low as 3.5% | Yes | Yes | Yes |
| VA | Veterans, military personnel, surviving spouses only | Often 550 | Often 0% | Yes | No | Yes |
| USDA | Rural and some suburban homebuyers and owners only | Often 620 | Often 0% | Yes | Yes | Yes |
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