The traditional fixed rate mortgage is the most common type of loan program, where monthly principal and interest payments never change during the life of the loan. Fixed rate mortgages are available in terms ranging from 10 to 30 years. This type of mortgage is structured, or "amortized" so that it will be completely paid off by the end of the loan term.
Even though you have a fixed rate mortgage, your total monthly payment may vary if you have an escrow account for property taxes and/or homeowner's insurance. When either the property tax or the insurance premiums change, the borrower's total monthly payment will be adjusted accordingly.