A mortgage term is the length of time you agree to repay the loan. Common terms include 15, 20, and 30 years. The term can affect monthly payment, total interest, and how quickly you build equity.
Common mortgage terms
- 30-year fixed
- 20-year fixed
- 15-year fixed
- 10-year fixed
- Adjustable-rate terms with an initial fixed period
Shorter term vs. longer term
A shorter term usually means higher monthly payments but less total interest over the life of the loan. A longer term usually means lower monthly payments but more total interest over time.
Why term choice matters
- It affects monthly affordability
- It affects total interest paid
- It influences payoff timeline
- It may affect refinance decisions
- It can shape long-term financial planning
Want to estimate different mortgage terms?
How to choose a term
The right term depends on your income, budget, savings goals, time horizon, and comfort with monthly payment size. Some borrowers prefer flexibility, while others prioritize paying off the loan faster.
Compare loan options before choosing a term.
Explore My OptionsMortgage term availability, rates, payments, and loan eligibility vary by lender, loan program, borrower profile, property, and market conditions.