ðə fˈɪkst mˈʌnθli pˈeɪmənt fɚɹə fˈɪkst ɹˈeɪt mˈɔːɹɡɪdʒ ɪz ðɪ ɐmˈaʊnt pˈeɪd baɪ ðə bˈɑːɹoʊɚɹ ˈɛvɹi mˈʌnθ ðæt ɛnʃˈʊɹz ðætðə lˈoʊn ɪz pˈeɪd ˈɔf ɪn fˈʊl wɪð ˈɪntɹɛst æt ðɪ ˈɛnd ʌv ɪts tˈɜːm.
The fixed monthly payment for a fixed rate mortgage is the amount paid by the borrower every month that ensures that the loan is paid off in full with interest at the end of its term.