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re: Wife and I just locked in our first mortgage....
Posted on 1/27/20 at 11:15 pm to JohnnyKilroy
Posted on 1/27/20 at 11:15 pm to JohnnyKilroy
My biggest Regret was a 30 over 15. Not going to lie to appease. Go look at the amortization.
5
Posted on 1/27/20 at 11:18 pm to gobuxgo5
You realize you can likely pay off the 30 in 15
Posted on 1/28/20 at 7:49 am to gobuxgo5
Better off taking the difference in payment each month and throwing it in the stock market
Also, congrats on the new house and solid mortgage rate.
Also, congrats on the new house and solid mortgage rate.
This post was edited on 1/28/20 at 7:50 am
Posted on 1/28/20 at 9:28 am to gobuxgo5
quote:
My biggest Regret was a 30 over 15. Not going to lie to appease. Go look at the amortization.
Nothing stopping you from paying off a 30 year in 15. But you can't pay off a 15 in 30. All depends on your discipline of course, but the 30 has the benefit of giving you more liquidity and flexibility if you fall on hard times. And as others have said, OP said this is his first mortgage, which may mean he's fresh out of school. Most people in that demographic need the flexibility right out the gate. Everybody's situation is different...just because 15 was right for you doesn't mean it's right for another.
Posted on 1/28/20 at 9:31 am to gobuxgo5
quote:
My biggest Regret was a 30 over 15. Not going to lie to appease. Go look at the amortization.
Have you compared to what the investment gains would be if you invested the difference? It will make the interest look small compared to the gains.
Posted on 1/28/20 at 10:41 am to gobuxgo5
why not just make it up in principle paid a month? That's what I do.. If i get in a crunch, I can just back off my mortgage payment to the minimum.
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