The most common fixed rate
mortgage is for 30 years . The 30 year mortgage will allow you
to have the lowest monthly payment of all the fixed rate
mortgages, but you will also pay the most interest over the life
of the loan with a 30 year mortgage. Their are also 20 ,15, and
even 10 year mortgage.
On a typical 30 year fixed rate mortgage for the first 22.5
years most of your monthly payment is going towards interest.
After 22.5 years the majority of your money goes towards the
principle. A lot of lending institutions will allow you to add
additional money to you your monthly payment which will shorten
the term of your loan and save you money.