Financial glossary
Fixed-Rate Loan
In plain English
A loan whose stated interest rate stays the same for the agreed term, making scheduled principal-and-interest payments predictable.
A fixed-rate loan keeps its stated interest rate unchanged for the agreed term. The scheduled principal-and-interest payment is therefore predictable, although taxes, insurance, or fees can still change. A fixed home equity loan can be compared with a variable HELOC using the home equity calculator.
Related calculators
- Home Equity Loan CalculatorEstimate a fixed-rate home equity loan payment, total interest, and combined payment with your existing mortgage.
- Mortgage CalculatorEstimate a complete monthly mortgage payment with principal, interest, property tax, insurance, PMI, and HOA dues. See total interest and loan cost.