Do you just pay the same amount for say a 25 year term give or take interest rates?
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There are multiple factors that play into it. If a mortgage has a variable rate, then as the rate changes, let say goes up, the bank will probably want you to pay more per month to account for that extra interest so you don’t take longer to pay off the loan. Also, if you have an escrow as part of your mortgage plan to help cover your property taxes, the mortgage payment will change as those taxes change. That’s usually the primary reason someone with a fixed rate mortgage has their monthly payment change.
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