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Although it may feel like you'll be paying back your mortgage forever, the loan does have a definite lifetime, its term. Lenders use a loan's term to amortize the mortgage, figuring out how much you need to pay each month in order to repay the loan, plus interest, over that term. In general, the longer the term, the lower your monthly payments. However, a longer term means that you're borrowing the lender's money for a longer period of time - and that means you end up paying more interest.
