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What is the best option for a fixed rate mortgage?

There are several different options when it comes to fixed rate mortgages. Although the 30-year fixed rate has become the most popular, it may not mean that it’s the best option for you.

Let Us Show You the Math

This example is to illustrate the importance of the term in determining the right loan for you and your family. As you can see, the 30 year loan is the cheapest per month, but will cost you the most over the life of the loan.


30 yr fixed

$300,000
3.500%
3.820%
$1,347
$484,968


20 yr fixed

$300,000
3.375*%
3.820*%
$1,739
$417,360


15 yr fixed

$300,000
3.000*%
3.570*%
$2,144
$417,360
Monthly Payment

$2144

  • 15 yr Mortgage
Total Payment

$386036

  • 15 yr Mortgage
Monthly Payment

$1739

  • 20 yr Mortgage
Total Payment

$417360

  • 20 yr Mortgage
Monthly Payment

$1347

  • 30 yr Mortgage
Total Payment

$484968

  • 30 yr Mortgage

*These are example rates and APRs. For current rates, please email us at [email protected] or call us TOLL-FREE at (855) MILEND-1. **Because of refinancing your current loan, your total finance charges may be higher over the life of the new loan.

Try It Yourself

Our easy to use mortgage calculator can show you how much you can afford, calculate payments and help you to consolidate your debt.

Mortgage Calculator
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Lets Get Started

Are you ready to explore your loan options? Our home mortgage loan experts can help you weigh your choices.

Questions about fixed rate mortgage loans in Atlanta? Contact MiLend, your local Atlanta mortgage brokers near you on 855-645-3631.