Which type of mortgage is usually associated with a consistent payment schedule?

A fixed-rate mortgage is recognized for its consistent payment schedule, making it a popular choice among borrowers. This type of mortgage maintains a steady interest rate throughout the life of the loan, ensuring that monthly payments remain the same. This predictability allows homeowners to budget effectively, as they know exactly what their mortgage payment will be each month without worrying about fluctuations in interest rates.

In contrast, an interest-only mortgage permits the borrower to pay only the interest for a period, which can lead to higher payments later when the principal starts being paid off. A balloon mortgage involves smaller payments initially that culminate in a large "balloon" payment at the end, creating unpredictability in the payment schedule. Lastly, a hybrid adjustable-rate mortgage combines fixed and adjustable rates, meaning payments can fluctuate after the fixed period ends. This variability does not provide the consistent payment schedule that a fixed-rate mortgage offers.