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SVTPerformance's Chain of Restaurants
Road Side Pub
15-year fixed vs 30 year fixed for $80,000 mortgage.
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<blockquote data-quote="Black1999Cobra" data-source="post: 4667280" data-attributes="member: 35895"><p>1 thing to keep in mind, tell your mortage company that you want 1/2 of the payment taken out on the 15th and the other half taken out on the 30th. This will save big $$ in the long run...and doesnt cost you 1 extra cent (besides paying half of the monthly payment 2 weeks early). I would definitely do this and like others have said, go with the 30 year especially if this is your first house. Some things mentioned like property taxes, house insurance, etc. get tacked on to that payment. We moved into our first house, and we need roto-rooter right away. The house had sat for about 2-3 months. That was $120 right away.</p><p></p><p>Like others have said, you can always pay more on a longer loan (exactly what I am doing) rather than having to pay a higher amount. With a shorter loan you get a slightly better interest rate, but it isnt worth it if you cant make the payment and lose the house.</p></blockquote><p></p>
[QUOTE="Black1999Cobra, post: 4667280, member: 35895"] 1 thing to keep in mind, tell your mortage company that you want 1/2 of the payment taken out on the 15th and the other half taken out on the 30th. This will save big $$ in the long run...and doesnt cost you 1 extra cent (besides paying half of the monthly payment 2 weeks early). I would definitely do this and like others have said, go with the 30 year especially if this is your first house. Some things mentioned like property taxes, house insurance, etc. get tacked on to that payment. We moved into our first house, and we need roto-rooter right away. The house had sat for about 2-3 months. That was $120 right away. Like others have said, you can always pay more on a longer loan (exactly what I am doing) rather than having to pay a higher amount. With a shorter loan you get a slightly better interest rate, but it isnt worth it if you cant make the payment and lose the house. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
15-year fixed vs 30 year fixed for $80,000 mortgage.
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