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re: 40 year mortgage gets the green light
Posted on 4/5/23 at 11:59 pm to I Love Bama
Posted on 4/5/23 at 11:59 pm to I Love Bama
quote:
Bankrate.com recently compared 30- and 40-year mortgages and found on a $312,000 loan at 6.85% interest, the monthly payments were $2,044 for 30 years and $1,904 for 40 years.
Yea, totally worth it.
5
Posted on 4/6/23 at 6:30 am to ellunchboxo
quote:
Yea, totally worth it.
$140 invested over 30 years at an 8% average rate of return is over $200,000.
Posted on 4/6/23 at 7:31 am to ellunchboxo
quote:
Bankrate.com recently compared 30- and 40-year mortgages and found on a $312,000 loan at 6.85% interest, the monthly payments were $2,044 for 30 years and $1,904 for 40 years.
that $140/mo savings coupled with a 96 month $80,000 truck loan will enable them to live the American dream....
Posted on 4/6/23 at 9:21 am to ellunchboxo
quote:
monthly payments were $2,044 for 30 years and $1,904 for 40 years.
Why would anyone do this
Posted on 4/6/23 at 11:21 pm to ellunchboxo
quote:I mean, it depends on what the real rate is and who you are. I would love to have a 40% mortgage at 3-4%. Net of deduction benefit, even 3 years ago that was still probably a negative real rate - with no margin call possible and no prepayment penalty.
Yea, totally worth it.
I get the whole Dale Ramsey thing for the average joe, but long-term mortgages are almost a handout to competent people. The goal should be to NEVER pay it back - and interest only if possible.
Posted on 4/7/23 at 12:25 pm to ellunchboxo
quote:
$312,000 loan at 6.85% interest, the monthly payments were $2,044 for 30 years and $1,904 for 40 years.
I would just nut up and donate plasma for the extra 140 a month in payments to be done in 30 than 40 years. But if a 140 dollars a month difference between 30 and 40 for 315k house, you shouldn’t be in the market for a mortgage.
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