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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="mach1gsxr" data-source="post: 4669382" data-attributes="member: 37387"><p>I just recently bought a house. A small one for 60k. Payment is 575 w/ insurance and taxes on a 30 year note. Yes money is tight w/ the wife not working(just started working again this week). I say go with the 30 year note and pay extra whenever you can. That's what I am doing. I pay an even 600 monthly and in less than a year I have knocked off 3 payments by paying that much extra so far. I can always go back and refinance or pay off sooner by making extra payments. Don't put yourself in a bind by doing the 15 year note. You can still pay it off in 15 but without the stress of worrying if you can make that months house payment, car payment, utilities, gas, car insurance and food on the table every night.</p><p></p><p>BTW- I was 21 when I got the house and only plan on living there a short while, until I can afford more. I am doing upgrades to make the house more valuable though so I can either sell it or rent it for more than what I paid. House was a foreclosure so that's why I was able to get it for so cheap. Neighbors paid around 85k for about the same thing. The prices on the houses when they bought it were at 80k now it has gone up to 100k. So Im pretty sure if I take care of the house and keep it looking good I can make a decent profit If I decide to sell outright.</p></blockquote><p></p>
[QUOTE="mach1gsxr, post: 4669382, member: 37387"] I just recently bought a house. A small one for 60k. Payment is 575 w/ insurance and taxes on a 30 year note. Yes money is tight w/ the wife not working(just started working again this week). I say go with the 30 year note and pay extra whenever you can. That's what I am doing. I pay an even 600 monthly and in less than a year I have knocked off 3 payments by paying that much extra so far. I can always go back and refinance or pay off sooner by making extra payments. Don't put yourself in a bind by doing the 15 year note. You can still pay it off in 15 but without the stress of worrying if you can make that months house payment, car payment, utilities, gas, car insurance and food on the table every night. BTW- I was 21 when I got the house and only plan on living there a short while, until I can afford more. I am doing upgrades to make the house more valuable though so I can either sell it or rent it for more than what I paid. House was a foreclosure so that's why I was able to get it for so cheap. Neighbors paid around 85k for about the same thing. The prices on the houses when they bought it were at 80k now it has gone up to 100k. So Im pretty sure if I take care of the house and keep it looking good I can make a decent profit If I decide to sell outright. [/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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