How Long Should It Take To Pay Off Your Mortgage

Updated on April 18, 2020

How Long Should You Take to Pay Off Your Mortgage

When you buy a house, you are most likely going to need a mortgage for that. The only exception to the rule is to have a hidden stash of money or rich parents. Barring that, there is usually going to be the need for a loan. With any loan, there will be variables to consider before getting that loan. With that said, let us explore the mortgage options out there.

Fixed or Variable Rate

When deciding to get a mortgage, the first consideration is how much you can afford. Part of knowing how much you can afford is knowing the interest rate. With mortgages, you can elect to go with a fixed rate, or you can go with a variable rate.

Fixed Rate


  • Pay A Set Amount Each Month
  • Lower Interest Rates Reward You For Good Credit


  • Rate Cannot Change Unless You Refinance
  • You Do Need Good Credit And Credit History To Qualify

Variable Rate


  • Variable Rates Require Lower Credit Scores
  • Great For First Time Homebuyers
  • Start With A Variable Rate And Refinance Later


  • Rates Change Without Much Notice
  • Your Monthly Payment May Become More Than You Can Afford

As you can see, getting a fixed rate is better for established borrowers, and overall, but a variable rate can be a good option for first time homebuyers.

How Many Years Should You Repay For

When you get a mortgage, you can choose to pay over 10, 15 and 30 year intervals. Which one would work out best for you?

10 Year Mortgage

These mortgages will force you to spend more money each month, but the interest rate is usually lower and you pay the mortgage off faster. Good for those who want to pay off a mortgage quick due to impending retirement, or had a large down payment.

15 Year Mortgage

The interest rate is going to be a little higher, but you pay a little less each month. This time frame might be suitable for those who want the mortgage gone soon, but want some time to build up a credit history, or plan to stay a little longer.

30 Year Mortgage

The traditional mortgage that the average homeowner will get. Perfect for someone who wants lower payments and doesn't mind a higher interest rate compared to other options. Will stay in the house for a longer period of time, probably to raise a family.

How long should you take to pay off your mortgage? It really depends on your financial situation as well as your goals for living in the home.

Paying Off Your Mortgage Should Be Feasible In Any Situation

When you go to get a mortgage, the length of time you choose to pay off the mortgage depends on interest rates and your plans for the house. Get the best lend you can qualify for and just go for it. As your situation changes, you can always refinance and get a better loan that fits your needs down the line. Answering the question of how long it should take you to pay off your mortgage really depends on your own personal situation.

This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.

© 2012 Cody Hodge


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      2 years ago

      This helped me a lot


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