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Customer Service > Questions & Answers > Frequently Asked Questions > Personal Banking >

Home Loans (The Right Home Loan)

Are 40-year mortgages a good idea?

Smaller monthly payments are the primary advantage of adding 10 years to the traditional 30-year mortgage, but real estate experts say the shorter-term loan usually is more beneficial for the home buyer. The drawback becomes apparent simply by calculating the cost of additional interest payments, which can total thousands for a few dollars difference in mortgage payments.