Choosing a loan term with the whole horizon in view
10 and 20-year terms
Ledger note
Many lenders offer terms like ten and twenty years, not just fifteen and thirty. A twenty-year term can lower total interest compared with thirty while keeping the payment below a fifteen-year loan. Ask lenders which terms they offer and compare them on the same day.
Last reviewed against the primary sources listed below.
Compare on
- Monthly payment.
- Total interest.
- Equity built by your planned move date.
Term questions readers send
Can I get a 20-year mortgage?
Many lenders offer it; ask.
Is a 10-year mortgage a good idea?
It saves interest but has a high payment; it fits few budgets.