The new mortgage term affects both your monthly payments and the total amount of interest you'll pay over the life of the loan. Choosing a 15-year term typically means higher monthly payments, but you'll pay less interest overall because you're paying off the loan faster. A longer term, such as 30 years, will lower your monthly payments but increase the total interest paid due to the extended period of the loan.
While a shorter term can lead to significant long-term savings, it's essential to ensure that the higher monthly payments are manageable within your budget. A longer term may offer more breathing room monthly but can cost more in the long run. Choosing the right term depends on balancing your immediate financial comfort with your long-term financial goals.