Mortgage terms were practically always for 25 years but things have changed and now you have a whole host of alternatives. Nevertheless, 25 years was the conventional choice for a reason and that is still the top option in many conditions.
Because the period of the mortgage decreases the whole amount you must pay in interest will drop. This really is certainly great news.
However, the sum that you're paying every month will probably be higher, meaning you won't have the ability to manage exactly the same size mortgage. Having said that, in case you've picked a property that's readily affordable and you may spend the money for higher monthly re-payments, picking a shorter repayment term can save yourself a quite considerable amount to you.
As your monthly outgoing is going to be lower longer mortgages can appear quite tempting. Still this economy is illusory because the entire quantity of interest that you're paying will wind up being more.