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Guess what? Anybody who loses their house after paying 14 years of payments has gotten 14 years of use out of it-----whether they had a 15 year loan or a 30 year loan. What's your point?


I won't speak to any responding poster's point, but as someone who is in the last three years of a 15 year mortgage, I can say that if you are 12 payments from owning your home outright, you most likely have enough savings/reserves to pay that mortgage much sooner.

So your example of:
With a 15 year loan you'll have paid off 93% of the house---and still lost everything. All those payments down the drain.
With a 30 year loan you'll have paid off 35% of the house. You also lose everything, but you will have lost a lot less.

was not illuminating. If a financial disaster happens in year 14, we're covered (and we were covered earlier than that). We chose to put that money elsewhere, at our own personal risk/reward levels.

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