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A monthly fixed rate mortgage payment could change. never changes. increases annually. decreases annually.

Ask by Vega Marsh. in the United States
Feb 04,2025

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A fixed-rate mortgage has **never-changing** monthly payments throughout the loan period.

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The Deep Dive

A monthly fixed rate mortgage payment never changes. When you opt for a fixed-rate mortgage, the interest rate remains constant throughout the life of the loan, which means your principal and interest payments will be the same each month, making budgeting easier! However, it's essential to remember that while your fixed rate payment stays the same, your overall housing cost may fluctuate due to property taxes, homeowners insurance, or any homeowners association (HOA) fees, which can change over time!

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