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30 Year Fixed Loan This is the classic loan that has been available for many years. Although the interest rate on this loan tends to be higher than other loans (and the monthly payment higher), many borrowers choose this loan to keep a predictable interest rate and monthly payment. 30 Year Fixed Loan, Interest Only This is the classic 30 year fixed loan with the ability to make interest only payments for the entire 30 years of the loan. It offers the borrower the stability of a 30 year fixed loan with the lower payments of an interest only loan.

40 Year Mortgage Loan This is a relatively new loan. The longer loan term of a 40 year loan makes for a smaller monthly payment.

In a generally rising interest rate environment this is one option to get a lower payment.

50 Year Mortgage Loan This is an ever newer loan option. The longer payback term means a borrower gets a much lower payment than a 30 year payment. Use a free online mortgage calculator to calculate your payment.

Interest Only Mortgage Loan This is a mortgage loan that offers a borrower the ability to make an interest only payment. This is a lower payment than a regular mortgage payment because no principal was being paid off.

A loan can have an interest only option for several years. It can be interest only for 5 years, 10 years, or another term.

Minimum Payment Option Mortgage Loan This is type of loan offers a borrower the opportunity to pay less than an interest only payment.

This type of loan is among the lowest possible payments a borrower can make.

These loans offer a minimum payment rate, which can be at 1%, 2%, or some other defined level.

The minimum payments are usually for a set period, such as 3 years or 5 years.

A minimum payment adds to the principal balance on your loan. Any difference between the interest only payment level and the minimum payment is added onto the principal. For many borrowers this is acceptable.