What Length Mortgage Loan Should I Get? Determining a length for your mortgage will depend on many factors, including your current financial situation and your goals for the future. You will need to consider how much you can afford to spend each month while still maintaining a comfortable amount of cash reserve in the event of an emergency. You will also want to continue saving for retirement and for other important goals such as college tuition for your children or perhaps to buy a new car or for other purposes.

Here are a few pros and cons of each type of loan to consider when deciding which length of loan is best for you.

30-Year Loans

Pros:

• Lower monthly payments
• You will have more money available to save, invest, or spend
• Greater flexibility, meaning you can pay more to shorten the life of the loan when you have extra money, but are not committed to the higher payments.
• More tax benefit, because you are making interest payments over a longer time frame
• Easier approval
• You can afford a bigger house

Cons:

• Higher interest rates
• You will pay more money over the life of the loan -- possibly twice as much as you would with a 15-year loan
• Takes longer to build up equity

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