Recently I have seen a lot of people choosing longer amortizations to take advantage of lower payments. Although amortizations are available up to 40 years with a number of lenders so far I am seeing more 35 year options. If you choose to take a longer amortization you should really consider trying to make lump sum payments throughout the year. Even a $100 every so often would help save on total interest costs. Lump sum pre-payments can range from 10% to 20% per year of the mortgage amount depending on the lender.