40-Year Mortgage
Ready to make a move on the home you’ve always wanted? With our 40-year mortgage option, you can enjoy lower monthly payments, greater financial flexibility, and the freedom to purchase a home that truly checks all your boxes.
How Does It Work?
Just like any other mortgage! Except instead of the standard 10, 15, 20, or 30-year terms, you’ll pay the loan back over a 40-year term. Our team will guide you through the process and help you understand all your options.
Lower Monthly Payments
Stretching the loan over 40 years can help keep your payments manageable.
More Home for Your Budget
A longer term can help you stretch your budget a little further.
More Cash in Your Pocket
Free up cash for other priorities, like closing costs or home improvements.
Today's Conventional Loan Rates
Monthly Payments on a 40-Year Mortgage
With a 40-year mortgage, you’re spreading your payments out over a longer period. That means your monthly payments will be lower than they would be with a shorter loan term, so you have more money in your pocket every month for bills, home improvements, or savings! Use this table to see what your monthly payments would look like on a 40-year mortgage, based on a $225,000 home price and 6.25% interest rate.
| Financing | Down Payment | 30-Yr Payment | 40-Yr Payment | Monthly Savings |
|---|---|---|---|---|
| 95% | $11,250 | $2,155 | $1,316 | $103 |
| 90% | $22,500 | $2,090 | $1,247 | $97 |
| 85% | $33,750 | $2,047 | $1,178 | $92 |
| 80% | $45,000 | $1,724 | $1,108 | $86 |
Frequently Asked Questions
How does a 40-year mortgage compare to other mortgages?
A 40-year mortgage offers lower monthly payments than other loans because the repayment period is extended. Our team can help you compare options to find the best fit for your goals.
What are the interest rates for a 40-year mortgage?
Interest rates vary based on market conditions and your financial history. Contact us today for current rates and a personalized quote.
What credit score do I need to apply for a 40-year mortgage?
A credit score of 620 is required to apply for a 40-year mortgage.
How do I apply for a 40-year mortgage?
Applying is easy! Start online or reach out to our mortgage team, and we’ll guide you through every step of the process.