Choosing a loan term with the whole horizon in view
Term and retirement
Ledger note
Some buyers pick a term that ends before they plan to retire so the payment does not compete with fixed income. Others keep a longer term and plan to pay extra later. Compare the payment you can afford now with your retirement date.
Last reviewed against the primary sources listed below.
Consider
- Planned retirement year.
- Payment today.
- Savings goals.
Term questions readers send
Should my mortgage be paid off before I retire?
It depends on your budget and plans.
Can I shorten the term later?
By paying extra or refinancing.