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Mortgage Glossary

Mortgage Term

Mike Starr·Reviewed August 2026

The mortgage term is the length of time you have to repay the loan, typically expressed in years. Common terms are 15, 20, and 30 years. A shorter term means higher monthly payments but less total interest. A longer term means lower payments but more interest over the life of the loan. The term you choose affects your monthly budget, total cost, and how quickly you build equity.