Mortage length


New Member
How many years did you choose for your mortgage and what helped you come to the conclusion that it was the right term for you?

We started off with a 30 year mortgage on our first home and the reason is because the rates were at 10% when we first bought! That was an awfully high amount but later we we refinanced when the rates dropped. Our current home mortgage is 20 years and that means when my husband retires it will almost be paid off.


New Member
Ideally, the shorter the term, the more money you save. At the same time, I went with a 30 because "just in case" something happens I should always be able to make the payments. I just add extra principal payments to shorten the term overall, so I still pay less interest with the safety net.

To do that, check with your lender first as they're not all accepting of early-payoffs. I selected mine specifically (among other things) for their acceptance of the practice.

There's also the thought that thanks to interest, you'll be paying less of a percentage of your income to the mortgage 30-years from now. So there's a lot of ways to play that game.


New Member
My first home was 30 year mortgage, my next home will be fairly cheap due to the new location I moved to so I'm expecting the bank to not allow a 30 year mortgage on it, so I'm thinking it'll be around 15 years instead.