The shorter - term loan may be a good option for borrowers who are most concerned with long - term wealth and the total amount of interest paid over the life of the loan. (homebuyinginstitute.com)
It should be noted, however, that a longer loan term typically means the total amount paid over the life of the loan will be higher. (lendedu.com)
The longer your term length, the less your monthly payments will be, but the more you'll pay over the life of your loan in interest. (lendedu.com)