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Profile picture for BalaPrathi

need help to decide 15 or 30 yr fix

im deciding on whether to go for a @15yr fix or @30yr fix - mortgage amout @155K - property tax @8k

Need help in deciding to ensure to meet
  • July 20 2013 - Columbus
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Answers (5)

Profile picture for MitchCrawford
I would go with the 15 year if you can afford the monthly payment. I read an article that said whatever gives you peace of mind is the best because that is worth a million bucks.
  • October 13 2013
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Hi, it's too hard to determine an interest rate to tell you an exact payment with the information provided. The bottom line is if you are comfortable with the 15 yr note payment you're given then obviously you'd pay less interest on a shorter term. However, you can always elect for a 30 yr payment (so you are not obligated to a higher monthly amount) but make bi-weekly payments OR even just add extra money that you can afford each month (noting it's extra $$ to pay towards principal). Either way you'd pay less interest than a 30 yr note and again, you wouldn't be obligated for the higher amount. So say when months are a little tighter than others or if an unexpected expense arose you'd have extra cash to work with. If you are comfortable financially with the 15 yr note payment then it's totally up to you and your short and long term financial goals. If I can answer any other questions I'd be happy to help. I am licensed in the State of Ohio only. Contact and licensing information can be found on my profile.
  • July 22 2013
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Profile picture for sunnyview
Try this 15 year vs 30 year calculator. You have to balance the higher mortgage cost of a 15 against the lower interest over the life of the loan. If you cannot easily afford the 15, I would take the 30 and budget to pay an extra payment or two a year to shorten the term.
  • July 21 2013
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Profile picture for Brookworld
Google the internet . . .  every borrower thinks this through and there are dozens of articles about it, and few here would want to repeat the same 1,000 words for one poster in order to address many variables.

After you read the various articles, come back and poster specific questions.

For almost every scenario that has 2 options, the polling can be 60-40 for A & B choices.

  • July 21 2013
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Profile picture for BalaPrathi

  • July 20 2013
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