15 Year vs. 30 Year Mortgage
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I like the way how you explain it..it gives clearer view to the audience.
fivequotes 1 month ago
@felix - There is really no difference in the 15 and 30 - in your example below you don't account for a couple things. 1. The difference in payment cannot be ignored - there is Time Value of Money on that difference that offsets the cost of the 30. And 2. The income tax savings on the 30 is considerably more. The 15 year will offer a slightly lower interest rate which about makes up for the difference in tax savings. Do the REAL math and you will find there is really very little difference
kkail6359 7 months ago
Yes, paying cash for a house is the best way to go. When I bought my house in 2004, I was naive. I followed everything the mortgage company told me fixed 30 year 7.75% interest. I had excellent credit even back then. The mortgage was less than twice my annual income, so I refinanced 2 years later, into a 15 year 6.5% interest. Still not happy with the rate I will have the house paid off this year. I don't want people to make the same mistake I did. Just start with a 15 year mortgage.
felix1177 2 years ago
Wouldn't you save that money, interest rate remaining the same, regardless if you just paid on a 15 year plan? I agree with the whole living within your means and saving thing. I'd go so far as to say that one should save for the full price of a house if they want one. Prices are inflated dramatically right now even after the crash, which makes doing that look insurmountable.
eurohim 2 years ago
Yes, I suppose you "could," but statistically, 97% of homeowners won't pay extra even if they have the means to do so. The good thing about a 15 year mortgage is that it will save you over $100,000 in the long run. There is no "benefit" to the tax deduction on mortgage interest whatsoever. Many homeowners in the past bought homes they couldn't afford. Live within your means and SAVE.
felix1177 2 years ago
I suppose you could always pay 15 year sized payment or more on your 30 year mortgage and then if you go through troubled times, you have a lower cost of living because of that lower required payment.
eurohim 2 years ago
15 year vs 30 year MortgageComparison@7% interest: Monthly Total Payment
15 year $988 $177,840
30 year $732 $263,520
Difference $256 $85,680
Source: "Total Money Makeover" by Dave Ramsey page 191 The 15 year mortgage is a huge saving over the 30 year mortgage
Felixs1177 2 years ago
I think that is horrible advice. If you cannot afford the 15 year mortgage, then you cannot afford the house. If you look at how much money you spend paying a 30 year mortgage, you will see that you have paid nearly twice as much as you would if you have taken the 15 year mortgage. Don't listen to this guy. The 15 year mortgage is ALWAYS better... Period.
Felixs1177 2 years ago