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<blockquote data-quote="1982vett" data-source="post: 1619462" data-attributes="member: 7795"><p>Certainly sound thinking. </p><p></p><p>However...</p><p></p><p>With today's interest rates, if I could make a 15 year mortgage work I'd still look at a 30 year. Simply because the likelihood you won't be able to use someone else's money cheaper than you can now. Just because it's a 30 year mortgage doesn't mean you have to take 30 years to pay it. Double up your payment each month and the excess of interest payment applies to principal which will cut your 30 year loan to roughly 18 years. Should life throw some excessive amount of financial difficulties for a short time it allowed you an option to ease the loan obligation simply by paying the original loan payment. </p><p></p><p>I've had several term loans that I paid off early. Both were back in the day when a 14.5% loan was a good rate but still more than could be safely earned investing elsewhere. </p><p></p><p>I've actually have a 3.08% auto loan and a short term 3.18% credit card balance because drawing the funds out of our iras would trigger tax consequences substantially greater than the measly few dollars paid in interest. Another perspective of that is the net arbitrage if the $ last year was about 15%. </p><p></p><p>Just sayin.</p></blockquote><p></p>
[QUOTE="1982vett, post: 1619462, member: 7795"] Certainly sound thinking. However... With today’s interest rates, if I could make a 15 year mortgage work I’d still look at a 30 year. Simply because the likelihood you won’t be able to use someone else’s money cheaper than you can now. Just because it’s a 30 year mortgage doesn’t mean you have to take 30 years to pay it. Double up your payment each month and the excess of interest payment applies to principal which will cut your 30 year loan to roughly 18 years. Should life throw some excessive amount of financial difficulties for a short time it allowed you an option to ease the loan obligation simply by paying the original loan payment. I’ve had several term loans that I paid off early. Both were back in the day when a 14.5% loan was a good rate but still more than could be safely earned investing elsewhere. I’ve actually have a 3.08% auto loan and a short term 3.18% credit card balance because drawing the funds out of our iras would trigger tax consequences substantially greater than the measly few dollars paid in interest. Another perspective of that is the net arbitrage if the $ last year was about 15%. Just sayin. [/QUOTE]
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