What does "term" mean in the context of a mortgage?

Mortgage term is the total repayment period; longer terms mean lower payments but more interest paid.

The term of a mortgage refers to the total length of time over which the loan will be repaid in full. The most common mortgage terms are 30 years and 15 years, though 10-, 20-, and 25-year options also exist. A longer term means lower monthly payments but more total interest paid over time; a shorter term means higher monthly payments but substantially less interest and faster equity building.

The right term depends on a buyer's financial situation, goals, and priorities. For full-time residents of the Western Catskills putting down roots in Delaware, Ulster, Otsego, or Greene County, a 30-year term often makes sense for the flexibility it provides in monthly cash flow — particularly given the costs of maintaining rural properties with large lots, private wells, septic systems, and heating oil tanks. Buyers with greater income stability or a desire to build equity quickly may prefer a 15-year mortgage, which also typically comes with a lower interest rate. Discussing term options with both your lender and a financial advisor can help you find the right fit.