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Fixed Rate Mortgage Term

Fixed Rate Mortgage Term

Harry Jensen, Trusted Mortgage Expert with 45+ Years of Experience
By , Trusted Mortgage Expert with 45+ Years of Experience
Edited by Michael Jensen
FREEandCLEAR.com Find your Mortgage.Lenders typically offer fixed rate mortgages with 10, 15, 20, 25, 30 and 40 year terms, with the 30 year term being the most popular
  • Click INTEREST RATES to get updated interest rates for fixed rate mortgages with various mortgage terms
FREEandCLEAR.com Find your Mortgage.The shorter the term, the lower the interest rate but the higher the monthly mortgage payment because the principal amount of the mortgage is amortized (re-paid) over a shorter period of time
  • Although you pay a higher monthly payment with a shorter mortgage term, you minimize the total amount of interest you pay over the life of the mortgage. In other words, the shorter the mortgage term, the less interest you pay to the bank for borrowing the money. We discuss mortgage term and total interest expense in detail on the next page
  • We provide a comprehensive explanation of "What Length of Mortgage Should I Choose?" that reviews how mortgage term impacts your interest rate and monthly mortgage payment and helps you choose the mortgage term that is right for you
FREEandCLEAR.com Find your Mortgage.The tables below demonstrate how the interest rate and monthly payment change depending on the term of the mortgage -- the shorter the term, the lower the interest rate but the higher the monthly mortgage payment
You can also use our FIXED RATE MORTGAGE CALCULATOR to see what the monthly mortgage payment is for a fixed rate loan based on interest rate and term
About the author
Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR.  Harry is a licensed mortgage professional (NMLS #236752). More about Harry

Interest Rate for a $380,000 Fixed Rate Mortgage

Interest Rate 5.000% 4.000% 3.000% 2.000% 1.000% 0.000%
  • 2.625%
    10 Years
  • 2.750%
    15 Years
  • 3.250%
    20 Years
  • 3.500%
    25 Years
  • 3.650%
    30 Years
  • 4.125%
    40 Years
Mortgage Term

Monthly Mortgage Payment for a $380,000 Fixed Rate Mortgage

Monthly Mortgage Payment
$4,000 $3,000 $2,000 $1,000 $0
  • $3,604
    10 Years
  • $2,570
    15 Years
  • $2,155
    20 Years
  • $1,902
    25 Years
  • $1,760
    30 Years
  • $1,618
    40 Years
Mortgage Term
%
Current Mortgage Rates in Columbus, Ohio as of November 1, 2025
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%

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes, insurance premiums or private mortgage insurance if applicable. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.
About the author
Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR.  Harry is a licensed mortgage professional (NMLS #236752). More about Harry

Harry Jensen LinkedInLinkedIn | Email Harry JensenEmail
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