Fixed Rate Mortgage ("FRM") is the most common type of loan program, where monthly principal and interest payments combined are fixed during the life of the loan. FRMs are available in terms ranging from 10 to 30 years with 10, 15, 20 and 30 being the most popular FRM terms. FRM amortizes over the duration of the loan. What this means is that the loan payments are set up in a way that the entire loan gets paid by the end of the loan term.
Even though you have a fixed rate mortgage, your monthly payment may vary if you have an escrow account. However, the principal plus interest portion of the monthly payment never changes.
This loan is the most popular home loan as it offers the security of knowing exactly what your mortgage expenses will be for the entire length of the loan.