Can my monthly payment change with a conventional home loan?

With a fixed-rate mortgage, your interest rate doesn’t change, so you pay the same the amount of principal and interest every month. However, your total monthly payment might change if your taxes or insurance costs change.

With an adjustable-rate mortgage, your monthly payment can change over time. Your interest rate is linked to an economic index, so it adjusts up or down as that index changes. If your rate goes up, then your monthly payment also goes up. If your rate drops, you’ll have a lower monthly payment.