Depending on what type of mortgage you get, different loan terms will be available. The most common options are 15-year and 30-year terms. A shorter term nearly always comes with a lower interest rate, but since the amortization period is shorter the payment is higher. Therefore, the benefit of a shorter term is that you will save a lot of money in interest over the life of the loan, where on a 30-year loan, you get the benefit of a lower monthly payment.
