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re: First Mortgage Question - 15yr vs 30yr vs. Investing "Extra Payments"

Posted on 10/12/17 at 11:01 am to
Posted by notsince98
KC, MO
Member since Oct 2012
18157 posts
Posted on 10/12/17 at 11:01 am to
Financial freedom has a price. What is it worth to you?
Posted by baldona
Florida
Member since Feb 2016
20638 posts
Posted on 10/12/17 at 1:44 pm to
If you are truly going to buy the exact same house, invest the extra, and live the same life then sure investing it is great.

The mistake most make is that they buy a bigger house with the 30 year that costs more money in insurance, taxes, utilities, wife needs, etc., and sink way more money into their house they don't need than a 15 year loan would afford them.

Also realize the average mortgage is 5 years, the chances of moving, refinance, buying up, etc. is very high.
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