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You're paying less NOW for the money you borrowed.

Well, sure, your paying less now, but aren't you paying longer in total, leading to a greater overall mortgage bill?

Yes, but presumably the person is also INVESTING money that could otherwise go to the mortgage.

I've heard ads for interest rates of around 4%.

I think good-quality long-term commercial bonds currently pay about 6%.

The long-term average return of the S&P500 is higher.
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