Definition of mission for Students. 1 : a task that is assigned or begun. 2 : a task that is regarded as a very important duty She thinks of teaching as her mission. 3 : a group of missionaries. 4 : a group of people sent by a government to represent it in a foreign country.
15-Year Fixed-Rate Mortgage: The payment on a $200,000 15-year Fixed-Rate Loan at 2.875% and 70.00% loan-to-value (LTV) is $1369.18 with 2.125 points due at closing. The Annual Percentage Rate (APR) is 3.311%. Payment does not include taxes and insurance premiums.
What characterizes a fixed rate mortgage is the term of the loan and its interest rate. There are a number of popular mortgage loan terms: 50 year fixed rate, 40 year fixed rate, 30 year fixed rate, 15 year fixed rate, and 10 year fixed rate.Compare fixed, adjustable & interest-only mortgages side by side.The above referenced calulator uses rough ranges for interest rates.5 Year Fixed Rate Mortgage. A 15-year fixed rate mortgage allows the homebuyer to own their home free and clear in a 15 year period. While the monthly payments are a little higher than a 30-year mortgage, the interest rate on the 15-year mortgage is a little lower most of the time.