A 15 or 30 year fixed mortgage is a type of mortgage loan that is repaid by the borrower making equal monthly payments over a period of 15 or 30 years. Since the borrower’s payments are ‘fixed’, the borrower can expect to make the same monthly payment for the entire term of the loan. A 30-year mortgage loan is the most widely accepted program used to finance a residential purchase, and is available for conventional, jumbo, and VA loans.