Loan Term Calculators
Choosing the right mortgage loan term is one of the most important financial decisions you’ll make when buying or refinancing a home. Your loan term affects your monthly payment, total interest paid, and how quickly you build equity. This guide explains how mortgage loan terms work and helps you compare options using our loan term calculators.
If you already know your home price and interest rate, you can also use our mortgage payment calculator to estimate your complete monthly payment with taxes, insurance, PMI, and HOA included.
What Is a Mortgage Loan Term?
A mortgage loan term is the length of time you have to repay your loan in full. Common mortgage terms include 30 years, 20 years, 15 years, and 10 years. Each option comes with a different balance of monthly affordability and long-term interest cost.
Longer loan terms generally result in lower monthly payments but higher total interest paid. Shorter terms increase the monthly payment but reduce interest and allow you to own your home sooner.
How Loan Term Affects Your Monthly Mortgage Payment
Loan term length directly affects how your mortgage payment is calculated. While the interest rate matters, the number of years you repay the loan plays a major role in both affordability and total cost.
- Longer terms spread payments over more months, lowering the monthly payment.
- Shorter terms concentrate repayment, raising the monthly payment but reducing interest.
- The amortization schedule changes significantly based on term length.
You can explore how payments change over time using our mortgage amortization schedule calculator.
Compare Mortgage Loan Terms
Use the calculators below to compare common mortgage loan terms and see how each option affects your monthly payment and long-term costs.
30-Year Mortgage Calculator
Lowest monthly payment with the highest total interest over time.
20-Year Mortgage Calculator
Balanced option between payment size and interest savings.
15-Year Mortgage Calculator
Higher payments with significant interest savings.
10-Year Mortgage Calculator
Fast payoff and minimal interest cost.
Which Mortgage Loan Term Is Best?
There is no single “best” mortgage term for everyone. The right choice depends on your income stability, long-term plans, and financial priorities.
- Choose a longer term for flexibility and lower monthly payments.
- Choose a shorter term to minimize interest and build equity faster.
- Consider how long you expect to stay in the home before refinancing or selling.
Ready to Compare Mortgage Loan Terms?
Use the loan term calculators above to compare payments, interest costs, and payoff timelines. When you’re ready, estimate your full monthly cost using our mortgage payment calculator.
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