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Author: katiewa Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127679  
Subject: Re: Refi: 15-yr or 30-yr FRM? Date: 11/21/2012 10:11 AM
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Current example of flexibility issue....

Could pay down $100K on house and probably be able to refinance it, saving $1000/month. However, then we would need to borrow money for the next three years to pay for college--by fourth year we would have saved up enough from the lower monthly payments to make 1.5 years of college payments. Borrowing for college is 6-9% with no grace period, and no interest deduction.

You have to run the numbers for yourself and your situation to know what makes the most sense for you. Spreadsheets are a wonderful tool!!!!

Kathleen
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