Which Mortgage Loan Term Makes Sense for You?
Generally, with a longer mortgage loan term, you'll pay more interest over the life of the loan, but you'll have smaller monthly payments. With a shorter loan term, you'll likely have a higher monthly payment but you'll pay less interest over the life of the loan. Enter information such as the loan amount, loan term and interest rate. Compare your home loan term options.
The Difference Between Shorter and Longer Mortgage Terms
Picking the right home loan term for you will depend on your goals and personal circumstances.
A shorter mortgage loan term, like a 15-year term, might make sense for you if:
- You want to pay off your mortgage loan faster
- You want a lower interest rate
A longer mortgage term, like a 30-year term, might be best for you if:
- You want a lower monthly payment
- You need more breathing room in your budget
- You would rather free up funds for investments or savings
Get guidance for your unique situation by meeting with one of our experienced mortgage loan officers.