For home buyers and homeowners

30-year fixed

Get lower monthly payments and a fixed interest rate when you buy or refinance with Rocket Mortgage®.

A barefoot toddler and his dad stand in front of a piano while the father plays and the family dog chews on a toy behind them.A barefoot toddler and his dad stand in front of a piano while the father plays and the family dog chews on a toy behind them.

A home loan you can count on

Fixed interest rate

Your interest rate stays the same for the life of the loan.

3% down payment

You can get into a new home with a down payment as low as 3%.

Lower monthly payments

A longer loan period means you pay less each month.

No prepayment penalties

Want to pay off your mortgage early? You won’t get hit with prepayment penalties.

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Frequently asked questions

Answers to questions about this loan we heard from people like you during research.

Who are 30-year fixed loans best for?

They're a great option for a range of home buyers and refinancers, especially those who:

  • Plan to stay in their home for awhile and want to make lower monthly payments.
  • Want flexibility to make extra payments without prepayment penalties.
  • Want a fixed interest rate that doesn’t change.
How do 30-year fixed loans work?

If you get a 30-year fixed-rate mortgage and make all your payments as scheduled, the mortgage will be paid off completely in 30 years.

With a fixed-rate loan, your interest rate stays the same for the entire length of the mortgage.

There are a few different types of 30-year fixed-rate mortgages, including conventional, FHA, VA, and Jumbo.

We can help you know what’s best for your situation.

What are the pros and cons of a 30-year fixed loan?

Pros

  • Lower monthly payments because they’re spread out over a longer period than loans with shorter terms.
  • Ability to afford a more expensive home. A lower mortgage payment lowers your debt-to-income ratio, so you could get prequalified to spend more.
  • With Rocket Mortgage®, you can make extra payments to pay your loan off sooner without penalty.
Cons
  • Interest rates are typically higher because it takes longer for lenders to be reimbursed for the loan.
  • You’ll pay more in interest because of the longer term.
  • It takes longer to build equity. Equity is the difference between what you owe on your home and its value. A 30-year term takes longer to reduce what you owe, so you won’t build equity as fast.

Can I put more than 3% down?

Yes! You can make a down payment bigger than 3%.

Why put down more? The more you put down, the lower your monthly mortgage payment will be.

Or you could decide to go with the lowest down payment and use the funds for closing costs.

We’ll help you know which strategy is best for you. 

Learn more about fixed-rate loans

Buy or refinance with a 30-year fixed home loan