Mortgage Term Comparisons
Your mortgage term will have a significant impact not only on your monthly payments, but also on your savings. (See our article on Components of a Mortgage for more information on the impact of various term lengths on your finances.) A shorter term means you'll pay less interest and pay off your loan quicker, but will leave you less money to invest. These are important considerations you should keep in mind when deciding which term to accept. The calculator below assumes a fixed rate mortgage.
Tweet