Banky team Reviewed editorial answerA longer term often reduces the monthly payment but can increase your total cost.
Key points
Compare two offers using the final sale price and total fees, not just the monthly payment.
If your income fluctuates, leave some margin for safety instead of choosing a longer term simply to lower the payment.
The figures, fees and limits in this answer vary by bank and change over time — confirm them with your bank or the official source before acting.