20 Year Mortgage Loan
A 20 year mortgage is a very good idea if you can afford the mortgage payment. The biggest benefit to the 20 year loan is the fact that you get a slightly better interest rate because it's less risk to the bank. You will pay the principal down much faster which gives the bank a buffer zone to foreclose and sell without losing money.
You could get a 30 year mortgage and just pay the extra principal each month. That will give you the same plan as the 20 year mortgage but you have the option of not paying on the months where you can't afford it.
Sometimes people don't like that option because they stop paying the extra principal at some point. If you look at the 5 year mark it will be so much money saved it will shock you.
Example: $200,000 6% 30 year mortgage
$1,200 per month - 5 year balance - $186,108.00
Example: $200,000 6% 20 year mortgage
$1,432 per month - 5 year balance - $169,800.00
That's a difference of $16,308.00. If you continue on with the 20 year loan instead of the 30 year you will save over $88,000 in interest and you wont have a mortgage payment for 10 years either.
The savings speaks for itself and it's obvious that you should do it but the problem is being able to do it. Even if you can do it it's tough to apply those funds each month to something that you don't directly see. | 
