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30 Year Fixed - The 30-Year Fixed Rate Mortgage is probably the most stable of all loan programs. The reason one takes this type of loan is because there is a consistent payment, one that you know will never change. So the main feature of a 30-year fixed is the stability; however, the trade off is that you are going to pay in most cases a higher rate of interest than the other fixed-rate options.15 Year Fixed - 15-year fixed rate mortgages carry a lower interest rate than a 30-year fixed rate mortgage, and therefore reduces the overall cost of the money that you're borrowing. However, a 15-year fixed rate mortgage is amortized over half the period of time and therefore subsequently results in a higher monthly payment.
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