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re: Mortgage Question
Posted on 4/22/12 at 10:20 am to foshizzle
Posted on 4/22/12 at 10:20 am to foshizzle
quote:
Not necessarily. Believe it or not 30 year can be better than the 15. It isn't just the interest rate that matters, you also must consider the cost of not investing the extra money you pay each month. It happens I ran the numbers in Excel last week, and concluded that if the economy picks up again over the next 15 years, you are better off with the 30 year note (about 3% after tax rate) over a 30 year investing horizon than you are with a 15 year note (about 2% after tax rate) over that same 30 year horizon.
you know what mr money board smarty pants, these people don't sound like the people that are gonna be looking into options like that. The correct answer to them is the lowest rate paid off as fast as possible.
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