# Loan term

> The loan term is how long you have to repay a mortgage, usually 15 or 30 years. How the term changes your payment, your rate and total interest.

URL: https://mail.mortgage-math-us.com/glossary/loan-term/  
Last reviewed: 2026-10-29 · By the MortgageMath US Editorial team

## Quick answer

**The loan term** is how long you have to repay the mortgage, most often 30 or 15 years. A shorter term means a higher monthly payment but usually a lower rate and much less interest over the life of the loan.

## Key facts

| Fact | Value | Source | As of |
|---|---|---|---|
| 30-year fixed average | 7.24% | [Freddie Mac Primary Mortgage Market Survey](https://www.freddiemac.com/pmms) | Week of Oct 29, 2026 |
| 15-year fixed average | 6.6% | [Freddie Mac Primary Mortgage Market Survey](https://www.freddiemac.com/pmms) | Week of Oct 29, 2026 |
| Longest term on a Qualified Mortgage | 30 years | [CFPB](https://www.consumerfinance.gov/ask-cfpb/what-is-a-qualified-mortgage-en-1789/) | Jan 7, 2025 |

## 30 years vs 15 years at today’s averages

*A $300,000 loan at Freddie Mac’s weekly averages*

| Term | Rate | Monthly principal and interest | Total interest |
|---|---|---|---|
| 30 years | 7.24% | $2,044 | $436,018 |
| 15 years | 6.6% | $2,630 | $173,372 |

The 15-year loan costs $585 more a month but saves $262,646 in interest, because you borrow for half as long and at a lower rate. The [15-year vs 30-year comparison](https://mail.mortgage-math-us.com/blog/15-year-vs-30-year-mortgage/) covers when each makes sense.

## Other terms and limits

Lenders also offer 10-, 20- and 25-year fixed loans, and an [adjustable-rate mortgage](https://mail.mortgage-math-us.com/glossary/adjustable-rate-mortgage/) usually runs 30 years in total. A [Qualified Mortgage](https://mail.mortgage-math-us.com/glossary/qualified-mortgage/) can’t exceed 30 years. You can shorten an existing term with extra [principal](https://mail.mortgage-math-us.com/glossary/principal/) payments or a [refinance](https://mail.mortgage-math-us.com/glossary/refinance/); the [amortization](https://mail.mortgage-math-us.com/glossary/amortization/) schedule shows the effect month by month. Compare terms with your own numbers in the [mortgage payment calculator](https://mail.mortgage-math-us.com/tools/mortgage-payment-calculator/).

## Sources

- [Freddie Mac Primary Mortgage Market Survey](https://www.freddiemac.com/pmms) — 30-year fixed rate, national weekly average; 15-year fixed rate, national weekly average (Week of Oct 29, 2026)
- [CFPB](https://www.consumerfinance.gov/ask-cfpb/what-is-a-qualified-mortgage-en-1789/) — Longest term allowed on a Qualified Mortgage (Jan 7, 2025)
- [CFPB: Understand the different kinds of loans available (loan term)](https://www.consumerfinance.gov/owning-a-home/loan-options/)

_General information, not financial advice._