What is the difference between a fixed rate loan and a variable rate loan?
With a fixed rate loan your interest rate is fixed for the life of the loan. Therefore your monthly payment does not change and you will owe the same monthly payment every month.
With a variable rate loan, your interest rate is not fixed for the life of the loan. It can change significantly up or down. Therefore, your monthly payment can significantly change up or down and you may not owe the same monthly payment every month.