What Length Mortgage Loan Should I Get?

Determining a length for your mortgage will depend on many factors, including your current financial situation and your goals for the future. You will need to consider how much you can afford to spend

each month while still maintaining a comfortable amount of cash reserve in the event of an emergency. You will also want to continue saving for retirement and for other important goals such as college tuition for your children or perhaps to buy a new car or for other purposes.

Most frequently the decision will be between getting a 15- or a 30-year mortgage. While there are some 20-year mortgages, 15- and 30-year fixed interest mortgage loans are by far the most common. Find out more on Choosing the Best Mortgage Loan.

Taking a shorter-term mortgage will make your monthly payments considerably higher, meaning you will have less disposable income. Conversely, a longer-term mortgage means you will pay more money in interest over the life of the loan, but you will have lower monthly mortgage payments and more money to spend elsewhere.