Answer
Most mortgages last 15, 20, or 30 years, though other terms are possible depending on the lender and loan program. A longer term, such as 30 years, lowers the monthly payment but increases total interest paid, while a shorter term raises the payment but significantly reduces lifetime interest and helps you build equity faster.
Some borrowers refinance or make extra principal payments to effectively shorten the term even if the original loan was 30 years. Mortgagepaymentcalculator.com lets you compare different term lengths side by side, showing how each option affects monthly payments and total interest, so you can choose a payoff horizon that fits your financial goals.
To compare terms quickly, try our mortgage payment calculator and switch between 15-, 20-, and 30-year options to see how the payment and total interest change.
What changes when the term changes?
Longer term (e.g., 30-year)
- Lower monthly payment
- More total interest over time
- Slower equity build early on
Shorter term (e.g., 15-year)
- Higher monthly payment
- Less total interest over time
- Faster equity build
The “best” term usually comes down to cash flow comfort versus total cost. If the shorter term strains your budget, a longer term with an affordable payment (and optional extra principal when you can) can be a reasonable strategy.
Term length and real-world affordability
A lender might approve you for a payment that’s technically within guidelines, but the more practical question is what payment keeps your budget stable when taxes, insurance, or life expenses change.