All other things being equal, the longer the repayment term, the lower the monthly payments required to amortize (repay) a typical mortgage loan and the larger the total amount of cumulative interest that must be paid

Question

All other things being equal, the longer the repayment term, the lower the monthly payments required to amortize (repay) a typical mortgage loan and the larger the total amount of cumulative interest that must be paid ​

Quizplus · Accepted Answer

Longer repayment terms spread the principal amount over more months, reducing the monthly payment but increasing the total interest paid over the life of the loan due to the longer period of interest accumulation.

All Other Things Being Equal, the Longer the Repayment Term