What’s it mean to have a 30-year mortgage? Simply put, your loan rate, plus the principal and interest payments, are secured for 30 full years. Because your loan amortizes, it will be paid in full on that last payment in year 30. You’ll never have to pay another cent to the mortgage company after that. Your insurance, homeowners’ association fees, and taxes may continue to slowly climb, but those are the only expenses you’ll have to worry about if you never refinance or take out a second mortgage.
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