Home
What's new
Latest activity
Authors
Store
Latest reviews
Search products
Forums
New posts
Search forums
What's new
New posts
New listings
New products
New profile posts
Latest activity
Members
Current visitors
New profile posts
Search profile posts
Log in
Register
Cart
Cart
Loading…
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Search titles only
By:
Menu
Log in
Register
Navigation
Install the app
Install
More options
Change style
Contact us
Close Menu
Forums
SVTPerformance's Chain of Restaurants
Road Side Pub
15-year fixed vs 30 year fixed for $80,000 mortgage.
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="99cobradave" data-source="post: 4670105" data-attributes="member: 13295"><p>Nope. Do the math.</p><p></p><p>Given: $80k house. Interest at 6.5% for 15 yr and 30 yr fixed.</p><p></p><p>You: 15 yr loan. Payment at about $697/month.</p><p></p><p>Me: 30 yr loan. Payment at about $506/month. But I take the extra $190/month and put it in a Roth IRA, returning 10%.</p><p></p><p>After 15 years, you have a house which is payed off worth $80k. $0 in liquid assets.</p><p></p><p>After 15 years, I have $58k ($22k in equity) still left to pay on my house, but I have $80k (tax free! if Roth) in liquid assets. </p><p></p><p>We are both 37 years old. Now that $80 will really start to grow (it'll be worth over $1M when I retire w/o adding another cent at 10% interest), but you have to save three times as much just to catch up. </p><p></p><p>30 year is the better deal.</p></blockquote><p></p>
[QUOTE="99cobradave, post: 4670105, member: 13295"] Nope. Do the math. Given: $80k house. Interest at 6.5% for 15 yr and 30 yr fixed. You: 15 yr loan. Payment at about $697/month. Me: 30 yr loan. Payment at about $506/month. But I take the extra $190/month and put it in a Roth IRA, returning 10%. After 15 years, you have a house which is payed off worth $80k. $0 in liquid assets. After 15 years, I have $58k ($22k in equity) still left to pay on my house, but I have $80k (tax free! if Roth) in liquid assets. We are both 37 years old. Now that $80 will really start to grow (it'll be worth over $1M when I retire w/o adding another cent at 10% interest), but you have to save three times as much just to catch up. 30 year is the better deal. [/QUOTE]
Insert quotes…
Verification
Post reply
Forums
SVTPerformance's Chain of Restaurants
Road Side Pub
15-year fixed vs 30 year fixed for $80,000 mortgage.
Top