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We have a nice system in the UK.

The UK standard is 25. But it is variable to let you meet the affordability criteria. I had to get a 36 year one because the lender decided I could not afford it. It's sort of irrelevant though, you can usually pay off 10% of the outstanding amount EXTRA per year. So I just worked out the rough payment for a 20y equivalent and make that every month and I should be done on time.

Does the US let you overpay?

Yes. People can specifically pay towards the principal. There are some dodgy types of loans that penalize completely paying off the loan early but even in those cases one can usually pay more towards the principal and get the interest rates adjusted and then refinance later.

> you can usually pay off 10% of the outstanding amount EXTRA per year

There is no limit like this in the US on most loans, right?

"prepayment penalty" or I guess limit is the term to look up in your contract

My experience (California) is that I didn't have one.

Via Patio11 tweet.

I am on my second reading and still only understand half of it. So that makes me half scared and angry.

The 30-Year Mortgage Is an Intrinsically Toxic Product – By Byrne Hobart