Since a mortgage is usually the largest purchase you will ever make, how long it takes to pay it off should be a major concern. The term is the number of years that it will take to pay off the loan if all required payments are made on time and there are no extra payments made. Selecting the proper term can save you more money than any other feature of a loan. Although an increasing number of lenders are offering ten and twenty-year mortgages, the most common choice from most lenders is between a fifteen-year loan and a thirty-year loan. If you are dealing with a lender offering tenor twenty-year mortgages, the following considerations apply equally to these terms. Assuming that you can qualify for shorter than a thirty-year term, there are several factors to consider when deciding whether a shorter or longer-term loan is right for you. The most important is whether you are confident that you can make the higher payment required on the shorter-term loan. Ask your lender what the payments would be on each for the amount that you intend to borrow. If you do not have a lender yet, use one of the online calculators to compute the difference.