You’ll pay off your mortgage in 30 years. Although you’ll pay more interest over the life of the loan compared to a 15-year fixed loan, your monthly payments will be lower.
Because your interest rate is locked for the life of your loan, your principal and interest payments won’t change over the life of your loan. The amount for your taxes and insurance can go up and down.
You may have to pay for mortgage insurance, depending on your down payment amount if you’re buying a home, or how much equity you have if you’re refinancing.