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Started By
Message
I’m surprised to see so many advocating for 15 year mortgages on here
Posted on 3/6/20 at 3:52 pm
Posted on 3/6/20 at 3:52 pm
The opportunity costs are way too high when you can have a 30 year.
This post was edited on 3/6/20 at 3:53 pm
12
Posted on 3/6/20 at 4:44 pm to OleWarSkuleAlum
20 is better. More flexibility from the 15 and saving a lot from the 30 year
Posted on 3/6/20 at 4:48 pm to Lsutiger2424
quote:Is it?
20 is better
Posted on 3/6/20 at 4:50 pm to OleWarSkuleAlum
Posted on 3/6/20 at 4:56 pm to OleWarSkuleAlum
Finally one thing you’re not completely wrong about.
Posted on 3/6/20 at 5:40 pm to OleWarSkuleAlum
I'm planning a 15 on my upcoming mortgage. I had a 15 on my last mortgage, paid it off in 8, of course that was at 5.25%.
I'm really torn right now. This is my retirement home, so I really don't want to do a 30, but I think if you pay the 15yr rate, you will pay off in about the same amount of time, with just a little more interest.
I'm really torn right now. This is my retirement home, so I really don't want to do a 30, but I think if you pay the 15yr rate, you will pay off in about the same amount of time, with just a little more interest.
Posted on 3/6/20 at 5:49 pm to OleWarSkuleAlum
I started with a 30 yr mortgage and currenlty am fairly close to having a 15 year payout anyways I am refinancing and my rate will be more than 1% lower with the 15 year. That's really the only reason i'm refinancing. I agree though I think its best to start out with a 30 year. I didn't feel like recasting my exisiting 15 year payout to another 30 years.
Posted on 3/6/20 at 6:12 pm to tigersfan1989
quote:
currenlty am fairly close to having a 15 year payout anyways I am refinancing and my rate will be more than 1% lower with the 15 year. That's really the only reason i'm refinancing. I agree though I think its best to start out with a 30 year. I didn't feel like recasting my exisiting 15 year payout to another 30 years.
Can’t you do a 10? And yes you’re definitely on point about not starting over on a 30 year...don’t know why anyone would ever do this. Don’t care how much cheaper the monthly is..
Posted on 3/6/20 at 6:31 pm to Roberteaux
quote:
don’t know why anyone would ever do this. Don’t care how much cheaper the monthly is..
I’m leaning towards a 30 over a 15 on a refinance even though I’m pretty sure I could swing the 15. With rates this low, I figure with even with modest stock market returns I’ll be better off in the long run investing my savings from the cheaper mortgage payment.
This post was edited on 3/6/20 at 6:35 pm
Posted on 3/6/20 at 6:34 pm to OleWarSkuleAlum
Can you break down the opportunity and the $ figures please?
Posted on 3/6/20 at 7:13 pm to OleWarSkuleAlum
I’d imagine the overwhelming majority of the general population would not invest the difference.
This post was edited on 3/6/20 at 7:22 pm
Posted on 3/6/20 at 7:14 pm to OleWarSkuleAlum
Im doing a 20.
We have been in our house for 10 years, probably will be here for at least the next few years.
Dropped our rate from 5% to 3.125%.
We have been in our house for 10 years, probably will be here for at least the next few years.
Dropped our rate from 5% to 3.125%.
Posted on 3/6/20 at 7:57 pm to Roberteaux
I'm not looking to increase our payments too much. I'm not in a huge rush to pay it off faster i just saw the opportunity in paying less in interest. I've been investing my extra so I'd rather keep that going then accelerate my house loan.
Posted on 3/6/20 at 8:49 pm to Ton Chou
quote:Also consider that the overwhelming majority of the gen pop is not on a finance board on a sports board
I’d imagine the overwhelming majority of the general population would not invest the difference
Posted on 3/6/20 at 9:13 pm to jimbeam
I'm 42.
If I refi it won't be for 30 years even if I think that I could invest the difference and make more.
If I refi it won't be for 30 years even if I think that I could invest the difference and make more.
Posted on 3/7/20 at 5:13 am to kengel2
quote:
Dropped our rate from 5% to 3.125%.
that’s great
Posted on 3/7/20 at 7:10 am to fallguy_1978
Yeah, at my age, 55, I don't need to invest the additional, I would rather get the 15, pay on it till 62, and let my SS start paying my house payment at that point.
Posted on 3/7/20 at 7:20 am to OleWarSkuleAlum
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.
If I’m able to refi a 15yr @ 2.75% - 3.25% I’ll be doing so ASAP.
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.
Posted on 3/7/20 at 7:29 am to 21JumpStreet
quote:
Can you break down the opportunity and the $ figures please?
Yes think about a 50% drop in the market. You won’t have the extra cash to buy and when you inevitably lose your job think about the 15 yr payment versus the 30 yr...
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