FULLY AMORTIZED MORTGAGE LOAN
Interest & Equity
In general, the longer the term of the fixed-rate mortgage, the more interest you will pay over the life of the loan. Longer terms usually come with higher interest rates but lower monthly payments.
The shorter the repayment term is, the lower the interest rate will be and the faster you will pay off and build equity in your home, but your monthly payments will generally be higher.
15-year and 30-year fixed-rate mortgages are the most common, although other terms are available (from 10 to 50 years).