A 30 year mortgage offers the lowest monthly payments of any comparable loan, which makes it a great option for many looking to purchase a home.

How Does A 30 Year Fixed Mortgage Work?

The 30 year fixed rate mortgage has become the standard loan in the industry, and for good reason. It offers numerous benefits for a wide range of homeowners, from first-time homebuyers looking for affordable home purchase loans to investors who like to use a longer-term fixed rate mortgage to reduce monthly costs for their properties.

A fixed rate mortgage for 30 years features some of the lowest monthly payments available because the principal of the loan (and its interest) is spread out over 30 years instead of 15 years. As a result, budget-conscious homebuyers can save money each month with a 30 year mortgage (or a refinance) in exchange for paying more interest over the life of the loan.

Refinancing Your 30 Year Fixed Mortgage

If your income has improved since you first purchased your home and you can afford higher monthly payments in exchange for greater interest savings, then refinancing your 30 Year Fixed mortgage may be a valuable option for you. Refinancing also offers the opportunity to lock in a lower fixed rate if interest rates are low, or if your credit score has improved. 


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EDUCASA is a National Home Buying Program and private organization and is not a government agency. EDUCASA is not a lender, has no corporate affiliation with the above preferred lenders and receives no compensation in connection with any mortgage loans.  Only Loan Officers that are EDUCASA Certified Program Specialist with our preferred lenders are eligible to participate in our preferred lender program.  EDUCASA does not sell leads or information and does not collect or store buyer's financial information.  EDUCASA direct Grants are funded by participating Realtor® Partners.  EDUCASA may also provide information on non-exclusive government grant and down payment assistance programs, where available.  Programs vary by state and all grant, down payment assistance and savings amounts are estimates.  You must be represented at closing by am EDUCASA Realtor® Partner to receive the Realtor® rebate portion of the EDUCASA grant.  Realtor® rebates are not available in AK, KS, LA, MS.  Benefits received may be affected by home price, for sale by owner properties (FSBO’s), new construction or other factors.  You must work with an EDUCASA preferred lender to receive additional benefits.