A 30-year mortgage is a type of home loan that allows borrowers to pay off their mortgage over a period of 30 years. This long repayment term typically results in lower monthly payments compared to shorter-term loans, making it more affordable for many homeowners. However, borrowers will pay more interest over the life of the loan due to the extended term. Most 30-year mortgages come with a fixed interest rate, meaning the interest rate remains the same throughout the loan period. This stability helps homeowners budget their finances, as they can predict their monthly payments without worrying about fluctuations in interest rates.