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re: I’m surprised to see so many advocating for 15 year mortgages on here
Posted on 3/7/20 at 7:28 am to bstew3006
Posted on 3/7/20 at 7:28 am to bstew3006
quote:
I’m 6yrs in on my 30yr @ 4.2%
If I’m able to refi a 15yr @ 2.75% - 3.25% I’ll be doing so ASAP.
Ok...why not just refinance to a 30 year and invest the difference? Gives you more flexibility and lessens the opportunity costs big time.
2
Posted on 3/7/20 at 8:03 am to OleWarSkuleAlum
quote:
Ok...why not just refinance to a 30 year and invest the difference? Gives you more flexibility and lessens the opportunity costs big time.
Invest the difference, hmm... id rather pay my home off in 15 or less, freeing up 1600-2000 month over refi into another 30 and investing the $200-$300 in savings.
Posted on 3/7/20 at 7:26 pm to OleWarSkuleAlum
If you are planning to upgrade down the road, the 15 year makes way more sense. Tax free equity as you are paying off majority principle vs majority interest
The first 5-10 years on a 30 you are basically only paying interest. The 15 year is a great investment if you have the discipline. Is that extra $1000 a month in investments really worth 5% average increase in value and treating your home as a tax free savings account?
The first 5-10 years on a 30 you are basically only paying interest. The 15 year is a great investment if you have the discipline. Is that extra $1000 a month in investments really worth 5% average increase in value and treating your home as a tax free savings account?
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