Compare 10-year mortgages

Build equity fast, but be prepared for steep payments.

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If you want to pay off your mortgage fast, some banks offer a rare 10-year fixed term. If you can comfortably make the monthly payments, you stand to save thousands in interest.

Lenders that offer 10-year mortgages

Name Product Min. credit score State availability Loans offered
New American Funding
Not available in: HI, NY
Conventional , Refinance, Jumbo, HELOC, FHA, VA, USDA, Reverse
Loan officers work with you to find the right mortgage to fit your lifestyle and budget.
Axos Bank
Available in all states
Conventional, Refinance, Jumbo, Home Equity, Fixed, Adjustable, FHA, VA, USDA
Explore a full suite of home loan options with this direct online lender.
Figure Refinance
Apply in minutes for a cash-out refinance quote that won't hurt your credit.
Not available in: AZ, HI, MO, NV, NY, RI, UT, WA, WV
Conventional, Refinance, Jumbo
Prequalify in minutes and then compare home loan options from several top online lenders.
Available in all states
Conventional, Refinance, Home Equity, HELOC, Jumbo, Reverse, FHA, VA, USDA
Connect with vetted home loan lenders quickly through this online marketplace.
Available in all states
Conventional, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA
A nontraditional lender offering impartial guidance on a range of loans.
Rocket Mortgage
Available in all states
Purchase, Refinance, Jumbo, FHA, VA, USDA
Streamline your mortgage from quote to final payment — all from your computer or phone.

Compare up to 4 providers

How does a 10-year mortgage compare to 30-year mortgages?

A 10-year mortgage offers you the chance to pay less interest over the term in exchange for higher monthly payments when compared to a 30-year mortgage.

In fact — where the interest paid on a 30-year mortgage can nearly equal the initial principal — you may only pay 25% of that initial principal as interest with a 10-year term.

For a $200,000 mortgage at 4.50% interest…

Mortgage termMonthly PaymentTotal Interest PaidSavings
10 years$2,072.77$48,732.18$133,499.49
30 years$1,013.37$164,813.42
For example, while your monthly payments are $1,013 on a $200,000 30-year mortgage at 4.5% APR, your total interest paid by the end of the loan amounts to $164,813.

A 10-year mortgage, on the other hand, will cost you $48,732 in total interest, with a tradeoff of monthly payments of $2,073. In fact, that’s roughly $30,000 less paid on interest compared even to a 15-year mortgage.

Compared to a 30-year mortgage, you’d save $133,499.49 in interest payments

What are the benefits of a 10-year mortgage?

A 10-year mortgage offers some big benefits, including:

  • Low interest rates. Most lenders that provide 10-year terms offer low interest rates on the loan, sometimes even less than a 15-year rate.
  • Enormous savings on interest.The interest you’ll owe on a 10-year mortgage is much lower than that of a 30-year loan.
  • Build equity fast. Since you’ll pay off the loan in 10 years, you’ll be building equity much faster than with a 15- or 30-year mortgage.

What should I watch out for?

Though 10-year mortgage savings are substantial, they do come with some drawbacks:

  • High monthly payments. Monthly payments on a 10-year mortgage can be high compared to 30-year mortgages. This can be problematic if you can’t easily cover payments and living expenses.
  • Less flexibility. High monthly payments could mean you have less money for investing elsewhere.
  • Limited purchasing power. You may not qualify for a more expensive home under a 10-year mortgage.
  • Some risk involved. If you find your financial situation suddenly changes, you could quickly find yourself in payment trouble.

Is a 10-year mortgage loan right for me?

A 10-year mortgage isn’t for everyone. The monthly payments are demanding and locking yourself into a 10-year mortgage could limit you from spending in other areas.

But if your income can support it, a 10-year loan can be a good opportunity to save thousands in interest.

ARM vs. fixed 10-year mortgage

Adjustable-rate mortgages offer interest rates that can fluctuate over time based on the market. For example, a 5/1 ARM has a fixed interest rate for the first five years, and once that time is up, the rate can change annually.

Since ARMs only come in 30-year terms, 10/1 is the only “10-year” ARM. This means your interest rate is fixed for the first 10 years of your term and may change for each subsequent twenty.

If you plan on moving from your home within 10 years, a 10/1 ARM is likely the better financial choice to help you save on interest without the high monthly costs of a 10-year fixed payment. Otherwise, a 10-year fixed can help you pay your mortgage and own your house quickly.

Which banks offer a 10-year mortgage?

10-year mortgages are rare, and some consider it a type of specialty loan program. As such, not many banks openly advertise this term. Banks currently advertising a 10-year mortgage include:

Bottom line

If you can afford the monthly payments of a 10-year mortgage — and you can find a bank that offers them — you can save a massive amount of money in interest compared to a traditional 30-year term.

But if the cost is prohibitive, a longer term mortgage could be a safer and more reliable choice.

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