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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="99cobradave" data-source="post: 4673231" data-attributes="member: 13295"><p>It worked for me. I'm trying to tell you, but you won't listen. </p><p></p><p>The 30 year loan is a better deal. Do you not know how compound interest works?</p><p></p><p>I am very wealthy (don't confuse income with wealth) for my age, but I still have 15 years left on my 30 year mortgage. That baffles some people, but I understand compound interest VERY well. Other people don't. I started out with 7.375% 15 years ago on a 30 yr. fixed rate mortgage, refinanced twice, and now I'm at 5.125%. Why pay that off early? It's only 5.125%! Instead, I'm putting the money in my ROTH, 401k and taxable MF accounts and earning twice that much! Now I'm looking back and seeing the fat part of the compound interest curve working it's magic on the decisions I made in my 20's. </p><p></p><p>You sound like a saver, which you and I are of the same ilk. I'm not trying to get nasty with you, but listen to what I am saying. </p><p></p><p>To the poster of this thread. Go with the 30 year loan for as low of an interest rate you can find. Then take the difference of the payment of the 15 yr vs the 30 yr loan and INVEST THAT IN A ROTH IRA EVERY MONTH FOR THE LIFE OF THE LOAN. Be consistent, don't stray and you'll be amazed 15 to 20 years from now.</p></blockquote><p></p>
[QUOTE="99cobradave, post: 4673231, member: 13295"] It worked for me. I'm trying to tell you, but you won't listen. The 30 year loan is a better deal. Do you not know how compound interest works? I am very wealthy (don't confuse income with wealth) for my age, but I still have 15 years left on my 30 year mortgage. That baffles some people, but I understand compound interest VERY well. Other people don't. I started out with 7.375% 15 years ago on a 30 yr. fixed rate mortgage, refinanced twice, and now I'm at 5.125%. Why pay that off early? It's only 5.125%! Instead, I'm putting the money in my ROTH, 401k and taxable MF accounts and earning twice that much! Now I'm looking back and seeing the fat part of the compound interest curve working it's magic on the decisions I made in my 20's. You sound like a saver, which you and I are of the same ilk. I'm not trying to get nasty with you, but listen to what I am saying. To the poster of this thread. Go with the 30 year loan for as low of an interest rate you can find. Then take the difference of the payment of the 15 yr vs the 30 yr loan and INVEST THAT IN A ROTH IRA EVERY MONTH FOR THE LIFE OF THE LOAN. Be consistent, don't stray and you'll be amazed 15 to 20 years from now. [/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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