30 Year Mortgage

The 30 year fixed-mortgage is America’s most popular mortgage, and for good reason: your interest rate and monthly payments stay the same for the life of the loan, and your monthly mortgage payments are quite low, since they are spread out over 30 years.

What would be my monthly payment on a 30 year mortgage?

See our mortgage payment calculator to figure out what your 30 year mortgage payment is likely to be.

Use our Mortgage Payment Calculator

What is the current 30 year mortgage rate today?

Current 30-year mortgage rates can be in the range of 3.75% to 4.50%, depending on your credit and income. Rates can change every day, so it’s smart to find out what rate you qualify for today.

Get a 30 year fixed loan quote

Pioneers of the mortgage industry

$1.5 Billion +

funds provided 


Frequently Asked Questions

What are the advantages of a 30 year mortgage?

  • Your interest rate is fixed for the life of the loan, even if interest rates go way up
  • Monthly mortgage payments are low, letting you afford more house for a given payment, or save more for other financial goals
  • Predictable monthly payments allow easier budgeting
  • Borrow with as little as 3% down

What are the disadvantages of a 30 year mortgage?

  • If you don’t have a down payment of 20% of your home value, you will likely need to pay for mortgage insurance
  • Compared to fixed-rate loans with a shorter term (like the 15 year fixed), you pay more in interest over the life of the loan. You will also take longer to build equity, since most of your early payments go to interest
  • Total borrowing costs may be higher if you sell or move in fewer than 5 to 10 years

How does the 30 year mortgage work?

After you pay standard closing costs and fees, with a 30 year mortgage you pay a fixed monthly payment that never goes up for the life of the loan.

Due to the very long period your loan is being paid off (or “amortized,” in technical speak), for the first few years a fair amount of your payment goes to interest, rather than principal, which is the amount you need to pay off to own your home free and clear. As time goes on, more of your monthly payment goes to pay down your principal. After 30 years, you’ve paid off your loan completely!

Note that most lenders quote conventional 30 year mortgage rates. If the amount you need to borrow is above a certain limit, you may have to get a jumbo mortgage loan. That limit varies from county to county.

How does a 30 year mortgage compare to a 15 year mortgage?

  • A 15 year mortgage lets you pay less interest over the life of the loan and build equity faster. 15 year mortgage interest rates are also usually lower. Monthly payments are likely to be higher, however, and you’ll be able to afford less house for a given monthly payment. Learn more about the 15 year
  • A 30 year mortgage has lower monthly payments, allowing you to afford more house for a given payment. The lower monthly payments also mean more cash for you to spend or invest on a monthly basis. However, you pay more in interest over the life of the loan and build equity more slowly.

What other mortgage options do I have?

  • Need easier terms? Consider an FHA loan, which also permits low down payments and more flexible credit qualifications.
  • Want to build equity in your home faster? Consider a 15-year mortgage.
  • Likely to move in fewer than 5 to 10 years? Consider an adjustable rate mortgage.

Why trust Newfi Lending with your 30 year mortgage?

Newfi is a direct lender, not a broker, so we can make lending decisions fast and at low interest rates. We’ve earned a five-star customer satisfaction rating from LendingTree for our low rates, fast processing, and excellent customer service. Give us a call at (888) 316-3934 and see just how friendly we are!

About Us

How can I get more information?

Talk to us at Newfi Lending. We’ll get you a personalized 30 year mortgage rate and review other mortgage options tailored to your situation. Note that all loans are subject to credit qualifications.

Email usCall us