If you are looking into making a home purchase and don't know what length mortgage would be best for you, use a mortgage amortization calculator to find your answers. Most people find themselves facing a decision between a 15, 20, or 30 year mortgage. The differences between these are simple to understand. Basically, you are borrowing the same amount of money one way or another.

The term is simply the number of years to pay off that amount. Therefore, the shorter the term the larger the payments. To make an accurate choice between mortgage terms, use a mortgage amortization calculator to see the differences to the payment depending on the loan length. Your loan amount will not change in each calculation, but the interest rate will. Get rate quotes for each length so that you can use your calculator for each. Once you get those numbers, the choice is up to you as to what makes you more comfortable; lower payments and a longer loan or higher payments and a shorter one.

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