30-year mortgage

Calculate the monthly payment of a 30-year mortgage and compare it with a shorter term, to decide which term suits you best.

When should you use this calculator?

This page is designed for anyone specifically weighing a 30-year term (the usual maximum at most banks) against shorter terms. The term field is pre-filled at 30 years; enter the rest of your mortgage details to see your exact payment.

Practical example

For a €160,000 loan (for example, a €200,000 home with a €40,000 down payment) at a 3% fixed rate, the payment over 30 years is €674.57/month with €82,843.92 in total interest over the loan's life. Over 25 years, the payment rises to €758.74/month but total interest drops to €67,621.43: stretching the term by 5 more years lowers the payment by €84.17/month in exchange for paying €15,222.49 more in interest.

Practical tips

The longer the term, the lower the monthly payment but the higher the total interest cost, since interest accrues for longer. It's worth choosing the shortest term you can comfortably afford without straining your monthly budget, and considering prepaying principal later if your financial situation improves, to reduce the total cost without giving up the lower initial payment.

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Frequently asked questions

Why is 30 years the usual maximum mortgage term?

Most banks cap the term at 30 years (or until the borrower reaches a certain age, typically 70-75), as a long-term credit-risk management criterion.

Is it worth stretching a mortgage to 30 years to pay less each month?

It lowers the monthly payment, which can be necessary if your budget is tight, but it increases the total interest paid over the loan's life. If you can afford a higher payment, a shorter term is usually cheaper overall.

Can I prepay to effectively shorten the term?

Yes, most mortgages allow prepaying principal early (with legal caps on the fees banks can charge for it), which reduces either the remaining term or the payment, depending on what you choose.

At what age will banks no longer grant a 30-year mortgage?

It depends on the bank, but it's common for lenders to require that the borrower not exceed a certain age (typically 70-75) by the time the loan ends, which in practice limits the maximum term available to older applicants.