what is everyone doing? we were going to do 30 yr but my dad just said we might be better off with the 15 year.
just wondering what you ladies are planning on doing
mathteach
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Re: NWR : 15 vs 30 yr morgage
If I could afford the monthly $ I would totally do the 15 year. But I am poor so I have a 30 year.
MissMath
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Re: NWR : 15 vs 30 yr morgage
15 year you pay less in interest but 15 year you are going to pay more money up front. If you have that money to pay it plus all other life expensives go for it. FH and I got a 30 year mortagage but we we pay 300 extra every month and will way it off in 21 years instead. We couldn't afford the mortage on the 15 year. Plus when we have kids and need more money upfront we can stop paying the extra money we do and jjust pay the basic mortgage.
Do whatever you can afford.
TheFutureMrsM
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Re: NWR : 15 vs 30 yr morgage
Posted by MissMath
15 year you pay less in interest but 15 year you are going to pay more money up front. If you have that money to pay it plus all other life expensives go for it. FH and I got a 30 year mortagage but we we pay 300 extra every month and will way it off in 21 years instead. We couldn't afford the mortage on the 15 year. Plus when we have kids and need more money upfront we can stop paying the extra money we do and jjust pay the basic mortgage.
Do whatever you can afford.
I totally agree with you, if the payments on a 15 year are too high, because its pretty much double what a 30 year payment would be.
Throw some extra money each month to your 30 year mortgage and you will shave years off your loan and if for some reason you can afford to put extra towards it, then you can just pay your mortgage.
I see what your saying paying an extra 300 a month goes right to principal, and will take 9 years off your mortgage That is awesome!!!
gabbie83
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Re: NWR : 15 vs 30 yr morgage
yeah we'd def do the 300 extra a month, bc they told us it makes a big difference.
i guess we will see
thanks ladies
MeaganAndJoeC
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Re: NWR : 15 vs 30 yr morgage
ours is 15 yr .. thank god
MissMath
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Re: NWR : 15 vs 30 yr morgage
Posted by MeaganAndJoeC
ours is 15 yr .. thank god
I wish but on a 520k house and all the things we wanted to buy we coulnd't do it.
zoe282
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Re: NWR : 15 vs 30 yr morgage
We are doing 30 and here is my suggestion as to why....if you do a 30 year mortgage your monthly payments are less....as long as you have a no pre pay penalty then you can pay more if you want and pay it off in 15 years if you want, but if you don't want to, or can't you can also pay ALOT less per month for now, or until you make more money and can pay more. Why be 'forced' to pay more.
