The repayment period of your mortgage loan has a direct impact on the amount of monthly payments to be paid and on the total cost of your loan.
A word of advice: choose a term that suits your current financial situation, while planning what will happen tomorrow, also in a negative scenario.
Financial institutions offer different types of contract ranging from 10 to 30 years. The longer your mortgage credit is spread over time, the lower the monthly payments will be, but:The longer your mortgage repayment period, the more interest you pay .
- They are calculated on the amount that still has to be repaid and this decreases more slowly when the term is longer.
- The longer the repayment period, the more expensive the outstanding balance insurance will be .
