For many people, buying a house is a top priority, but it is impossible to get a house worth hundreds of thousands. Fortunately, you can get a loan to buy a house. You can realize your dream of buying a house by paying a down payment, and then slowly repay the money. Different candidates have different mortgage terms. Some people get a 10-year loan, and some people get a 20-year loan. So, are the interest rates for a 10-year mortgage and a 20-year mortgage the same? Let’s take a look.

Are the interest rates for 10-year and 20-year mortgages the same? Mortgage interest rates are set based on the national benchmark interest rate. Whether it is 5 years, 10 years, 20 years, or 30 years, the interest rate is the same for the same user, the same institution, and the same mortgage type.

1. Mortgage type. First of all, we need to look at the type of housing loan, provident fund loan VS commercial loan. The interest rate rules of these two types of housing loans are different. 1) Provident fund loans, whether the loan is for 10 years or 20 years, the interest rate is the same. The difference lies in the first house and the second house. (The interest rate for the second home will be multiple times higher than the first home). 2) For commercial loans, users can choose two pricing benchmarks. One is an existing mortgage, and you can choose a fixed interest rate. Whether it is 10 years or 20 years, it will not change until the mortgage is paid off. In addition, you can also choose LPR pricing. Just like new commercial loans, the interest rate is based on LPR basis points. On the annual repricing day, LPR is based on one month's LPR. The loan interest rate changes once a year. Summary: Users who apply for provident fund housing loans can choose the term according to their needs, and the interest rates are the same. If you apply for a commercial mortgage, the interest rate will change based on the pricing basis.

2. The interest rates are the same, but the interest rates are different. Users need to note that even if the interest rates for 10-year and 20-year mortgages are the same, the final total interest is different. The interest required for a 10-year mortgage is much less than that for a 20-year mortgage, because the final interest rate has a great relationship with the loan term. Therefore, if users want to pay as little interest as possible, the shorter the mortgage term, the better. In short, when buyers apply for a mortgage, they should consider their own repayment ability when choosing between 10 and 20 years for repayment. If you have a stable job and a high income, you can choose to repay the loan over 10 years, which will save a lot of interest.