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.

About LifeTips

Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.

Ask a Question

Not finding the advice and tips you need on this Mortgages Tip Site? Request a Tip Now!

Guru Spotlight

Lynne Christen

Ever wonder how you could make your life better and more fun? So have tens of millions of fans who have turned to LifeTips for answers over the past decade. We keep the tips, advice, books, podcasts and writing services flowing, so you can keep your life and business growing in the right direction. Upward!