Quick answer: A loan where the interest rate stays the same through the repayment term.
Definition
A loan where the interest rate stays the same through the repayment term.
Why it matters
Fixed-Rate Mortgage matters because buyers need to understand the full cash-flow impact of a mortgage before committing to a home.
Related formula
True monthly cost = loan payment + ownership costs + utilities + maintenance reserve
FAQ
What does Fixed-Rate Mortgage mean?
A loan where the interest rate stays the same through the repayment term.
Why does it matter for affordability?
Fixed-Rate Mortgage can change the true monthly cost or cash required to buy a home.
Where can I test it?
Use the TrueCost calculator to see how the term affects payment, DTI, or leftover cash.