Big brainstorm on mortgage
More of the monthly payment of a loan with a shorter term goes toward paying down principal as the interest rates tend to be lower. The good news is that this decreases your total interest costs. The bad news is that the monthly payment will be higher. Conversely, increasing the term of your mortgage will reduce your monthly payment but will lengthen the amount of time you have to make those payments, thus increasing your total interest cost. Either option is worth considering, depending on your needs.