30-Year Fixed-Rate Mortgage
The most popular mortgage with a fixed interest rate and predictable payments over 30 years.
Overview
A 30-year fixed-rate mortgage is the most common home loan in America, chosen by over 70% of homebuyers. The interest rate stays the same for the entire 30-year term, providing predictable monthly payments. While you will pay more total interest compared to shorter terms, the lower monthly payment makes homeownership accessible to more buyers. This loan type is available from virtually every lender and works with conventional, FHA, VA, and USDA programs.
Min. Down
3%
Min. Credit
620
Term
30 yr
PMI
Yes*
Best For
- First-time homebuyers
- Buyers who want predictable payments
- Those planning to stay 10+ years
- Buyers stretching to afford their home
Pros
- Lowest monthly payment of any fixed-rate option
- Rate never changes for 30 years
- Maximum tax deduction for mortgage interest
- Widest availability from lenders
- Can always refinance if rates drop
Cons
- Higher total interest paid over the life of the loan
- Higher interest rate than 15-year loans
- Slower equity buildup in early years
- PMI required if down payment is under 20%
Requirements
- Minimum 620 credit score (conventional)
- Maximum 50% debt-to-income ratio
- Stable employment history (2 years)
- Down payment of at least 3%
- Property appraisal