What is the typical term for a conventional mortgage?

A conventional mortgage typically has a term of 30 years, making it the most common choice among homebuyers. This extended timeframe allows for lower monthly payments, which can make homeownership more accessible to a larger number of people. The structure of a 30-year term usually means that borrowers will pay less each month compared to shorter-term loans, even though they may pay more in interest over the life of the loan.

Other terms, such as 15 years, 20 years, or 25 years, while available, are less common. Shorter terms often result in higher monthly payments but significantly lower total interest paid over the life of the loan. Therefore, while these options exist, the 30-year term remains the standard due to its balance between affordability and long-term planning for homeowners.