How long should my mortgage term be? Mortgages typically have a term of 15 years or 30 years -- other durations may be available depending on the lender. A mortgage with a shorter term tends to come with higher monthly payments, but you’ll end up paying less interest over the life of the loan. A longer term mortgage (such as a 30-year mortgage) will have smaller monthly payments while you’ll pay more in total interest. The main factors that will go into the decision of choosing a mortgage term include income, total cost, effect on other financial goals and whether or not you plan to stay in this home.
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