How long does a mortgage last?

The duration of a mortgage can vary significantly depending on the type of mortgage and the terms agreed upon between the borrower and the lender. Below are the most common mortgage terms:

• Short-Term Mortgages: Generally last between 5 to 15 years. Generally, less interest is paid, but the monthly payments will be higher.
• Mid-Term Mortgages: These usually last 20 to 25 years.
• Long-Term Mortgages: The longest terms can extend up to 30 years or more. Monthly payments are lower, but more interest is paid than in shorter-term mortgages.

The duration of the mortgage depends on several factors, including:

• The borrower's repayment capacity.
• Market interest rates.
• The type of mortgage, such as fixed or variable rate.
• Special agreements, like prepayment options.

In summary, the term of a mortgage depends on multiple factors and varies according to individual circumstances.