UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev | Next
Author: efchan Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 126963  
Subject: Refi: 15-yr or 30-yr FRM? Date: 11/15/2012 2:00 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Hi guys,

I have the chance to go for a 15-yr FRM at 3.125% ( or at 2.875% with points, but the difference in monthly payments is nothing), or 30-yr at around 4%. Maybe 3.8%. The 30-yr has much lower monthly payments for me, maybe 70% of the 15-yr payment. If I can afford the 15-yr FRM, is there any reason not to take it over the 30-yr? We may not stay in the house beyond 4-5 more years, that is one factor, but even so, I would have paid off more of my loan with a 15-yr than a 30-yr, right? The choice seems obvious but I want to make sure I'm not missing anything.

Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev | Next


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
2013 Feste Award Voting Begins!
Who will win the 2013 Feste Award? Vote now for the Fool that most exemplifies the Fool Community mission of Learning Together!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Tax Strategies

TMFPMarti-Feeling Good
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.