Viewing a single comment thread. View all comments

Zootallurs t1_iufse0y wrote

No need to do a 15-year mortgage. HCOL area should see better appreciation. Being able to send your kids to public school is huge.

You need to do a full budget for yourself and make sure it’s comfortable, if you move.

1

FadewayThrow OP t1_iug8b8p wrote

Total cost of a 30y with APR of 6.7% would be $1,192,430. Monthly payments of $3,065

Total cost of a 15y with APR of 5.8% would be $854,820. Monthly payments of $3,835.

And we would be debt free in 15y vs 30y. Idk $800 a month seems worth it to me

2

bqw371_ t1_iuhf9uv wrote

You can always take the 30 year loan and pay extra on the principal. You could essentially make the payments as if it were the 15 year loan terms but hold back that $800 per month if you want for vacation or Christmas time.

1