40-Year Fixed Mortgage

Great 40 Year Mortgage Rates

our site is pleased to provide visitors with information on 40 year fixed mortgage programs. 40 year mortgage rates tend to be slightly higher than that of a 30 year fixed, but the monthly payment could be lower due to the extended term of the loan. This program may be a good alternative to borrowers who do not feel comfortable in an adjustable rate mortgage but want or need the low monthly payment that this program offers. Customers who pursue a 40 year mortgage are usually looking for one of two things - either they are searching for a lower payment so they can afford a more expensive house, or they simply want a lower payment without the instability of an ARM product. Contact the lenders and brokers listed on our site to find out if a 40 year home loan is the right choice for you and your family.

Comparison of a 40 year mortgage, 30 year mortgage, & 5/1 Adjustable Rate Mortgage

40 Year Fixed Rate Mortgage Rate Program
$200,000 Loan Amount
6.125% Note Rate
$1,118.61 Monthly Principal & Interest Payment
Interest Paid Over Life of Loan: $336,930.61

30 Year Fixed
$200,000 Loan Amount
6.000% Note Rate
$1,199.10 Monthly Principal & Interest Payment
Interest Paid Over Life of Loan: $231,676.38

5/1 ARM
$200,000 Loan Amount
5.750% Note Rate
$1,167.15 Monthly Principal & Interest Payment (first 5 years – then adjusts)
Interest Paid Over Life of Loan: Will vary with fluctuation in rate.

As you can see, you will likely drive down your monthly payment with the 40 year mortgage but the amount of interest paid over the life of the loan could be significantly higher. The big questions that you need to ask yourself are: ''what are you hoping to accomplish with your home investment and how will your loan program complement those objectives''. Contact a mortgage professional to help you form a roadmap to get you where you want to be. Best of luck financing great 40 year mortgage rates for your next purchase or mortgage refinance.

Potential Benefits of a 40 Year Mortgage

  • Potential for lower monthly payments than with a 30 year fixed.
  • Security of fixed rate product.
  • May help borrower afford more expensive home.
  • Fixed monthly payments may simplify budgeting process.