Curious in what financial/family situation you would advise taking the shorter term? Is a shorter term not always the more risky less flexible choice? If you pay off a 30 year mortgage in 20 years the interest cost is the same, so why not take the free 'insurance' of the extra 10 years?Personally I'd always go for the shortest term. But you could go for the 30 and overpay, which gives you more leeway in life. Hard to tell s you've given us hardly any details of your financial/family situation.
Not if you pay off the 30 year mortgage in the same 20 years though, at least not according to my calculations?Shorter term costs less.
It seems hard to believe, but at those rates moving from 20 to 25 years would mean little more than a 1% reduction in your monthly payment!1. Back in the day when AIB Homeloans hit 19.75% per annum interest I wrote to them begging for our 20 year mortgage to be extended to 25 years and the reply came almost instantly that we had contracted to pay over 20 years and 20 years it would remain
Plenty, id imagineI’d be interested to know how many people have actually taken out a 30 year mortgage despite being able to afford a 20 year AND paid it off in 20. Very few, I’d imagine.
Quite a lot pay if off even quicker. A surprising number.I’d be interested to know how many people have actually taken out a 30 year mortgage despite being able to afford a 20 year AND paid it off in 20. Very few, I’d imagine.
I’d be interested to know how many people have actually taken out a 30 year mortgage despite being able to afford a 20 year AND paid it off in 20. Very few, I’d imagine.
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