Do you just pay the same amount for say a 25 year term give or take interest rates?
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Yes, mortgage payments remain the same for the duration of the loan. At least for the loan part (interest and principal)… the amount held in escrow for homeowners insurance and property taxes go up over time as those costs do.
Based on the loan amount and interest rate, the total of payments is calculated and divided by the 360 months of a 30 year mortgage. Early payments are mostly interest and over time the ratio of interest to principal shift.
So over time, as your income goes up due to inflation and career growth the affordability of your mortgage should get easier and easier.
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