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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="BLK03SVT10TH" data-source="post: 4668190" data-attributes="member: 13915"><p>I would do the 30 Year Fixed, if you've got the extra cash you can always make extra payments, but you never know what is going to happen in life, if you've got the larger payment at the 15 Year Fixed and money gets tight, the bank isn't going to wait to get paid and it will screw your credit if your late.</p><p></p><p>I bought my first house about 7 years ago and initially I went with a 15 Year Fixed Loan. My payment was 2800.00 a Month not including an additional 300.00 for Property Taxes. Then with all the other bills, Gas & Electric, Phone, Cable, Internet, Water, Trash, Insurance, Car Payment, Car Insurance, I was looking at another 1500.00 a Month not including Spending Money and Food. I made it 2 years before I decided to re-finance because the stress of coming up with that much cash every month was crazy. I was trying to re-model my entire house inside and out and I decided I could use the extra money every month. I re-financed to a 30 Year Fixed and never looked back, lowered my monthly expenses by about 1000.00 a Month.</p><p></p><p>The one benefit to doing the 15 Year Fixed for the first couple years is it really put a nice dent in the principal and the Tax Write-Off on the Interest really helped me out Income Tax wise.</p></blockquote><p></p>
[QUOTE="BLK03SVT10TH, post: 4668190, member: 13915"] I would do the 30 Year Fixed, if you've got the extra cash you can always make extra payments, but you never know what is going to happen in life, if you've got the larger payment at the 15 Year Fixed and money gets tight, the bank isn't going to wait to get paid and it will screw your credit if your late. I bought my first house about 7 years ago and initially I went with a 15 Year Fixed Loan. My payment was 2800.00 a Month not including an additional 300.00 for Property Taxes. Then with all the other bills, Gas & Electric, Phone, Cable, Internet, Water, Trash, Insurance, Car Payment, Car Insurance, I was looking at another 1500.00 a Month not including Spending Money and Food. I made it 2 years before I decided to re-finance because the stress of coming up with that much cash every month was crazy. I was trying to re-model my entire house inside and out and I decided I could use the extra money every month. I re-financed to a 30 Year Fixed and never looked back, lowered my monthly expenses by about 1000.00 a Month. The one benefit to doing the 15 Year Fixed for the first couple years is it really put a nice dent in the principal and the Tax Write-Off on the Interest really helped me out Income Tax wise. [/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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