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re: 1st mortage, is 4.5 a good rate on 30 yrs?
Posted on 4/2/14 at 9:05 am to dwr353
Posted on 4/2/14 at 9:05 am to dwr353
quote:
2.5% on a refi of a 10 year loan
I maintain this is not as good as a 3.5% for 30, because you're paying a higher amount to more quickly retire a debt that is lower than the rate of inflation. 2.5% is obviously lower but the negative real ROI on the extra payment amount more than offsets that.
This post was edited on 4/2/14 at 9:07 am
2
Posted on 4/2/14 at 10:21 am to foshizzle
quote:
I maintain this is not as good as a 3.5% for 30, because you're paying a higher amount to more quickly retire a debt that is lower than the rate of inflation. 2.5% is obviously lower but the negative real ROI on the extra payment amount more than offsets that.
Agree on young folk, older folk, especially nearing retirement/fixed income, debatable
Posted on 4/2/14 at 11:30 am to foshizzle
Depends on your age and circumstances. I am retiring next year THE DAY it is paid off.
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