The traditional fixed rate mortgage is the most common type of loan, 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 and can be paid off at any time without penalty. This type of mortgage is structured, or "amortized" so that it will be completely paid off by the end of the loan term. There are also "bi-weekly" mortgages, which shorten the loan by calling for half the monthly payment every two weeks. (Since there are 52 weeks in a year, you make 26 payments, or 13 "months" worth, every year.)

Even though you have a fixed rate mortgage, your monthly payment may vary if you have an "impound account". In addition to the monthly loan payment, some lenders collect additional money each month (from folks who put less than 20% cash down when purchasing their home) for the prorated monthly cost of property taxes and homeowners insurance. The extra money is put in an impound account by the lender who uses it to pay the borrowers' property taxes and homeowners insurance premium when they are due. If either the property tax or the insurance happens to change, the borrower's monthly payment will be adjusted accordingly. However, the overall payments in a fixed rate mortgage are very stable and predictable.

This traditional mortgage is the most common loan type. Your principle and interest (P & I) never change over the life of the loan, whether it's a 10 year and a 30 year term.
One benefit is that you can pay off your loan early and not be penalized. This loan type is structured or amortized so that it will complete by the end of the term.

Another benefit would be the bi-weekly mortgage which would shorten the by 1/3 by making half the payment every two weeks (52 weeks in a year=26 payments or 13 months worth every year).

Even though you have been approved and/or a fixed rate mortgage, your monthly payment may vary it you have an ???? account. Which means in addition to your loan payment the lender collects money each month from those who put down 20% ?????????????????????.