How long will it take me to pay back my mortgage?
The total mortgage repayment term is determined by the length of time you choose to repay your loan.
The Total Repayment Period can be from 5 to 35 years.
A longer term ensures a lower monthly payment, but the total interest is higher.
On the other hand, choosing a shorter term will result in a lower interest rate but a higher installment.
Therefore, the term you choose should set your installment at a level where a possible change in your income or an unforeseen event will not create a problem in servicing the loan.
Finally, don't forget that the age of the youngest party to the mortgage can't be more than 75 years old at the end of the loan.
The Total Repayment Period can be from 5 to 35 years.
A longer term ensures a lower monthly payment, but the total interest is higher.
On the other hand, choosing a shorter term will result in a lower interest rate but a higher installment.
Therefore, the term you choose should set your installment at a level where a possible change in your income or an unforeseen event will not create a problem in servicing the loan.
Finally, don't forget that the age of the youngest party to the mortgage can't be more than 75 years old at the end of the loan.
Updated on: 15/05/2023
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