Quote:
Originally Posted by jkchambless
The difference in the monthly payments you are committing yourself to between a 15 and 30 year mortgage is significant, whereas you can accomplish the same thing by paying a little extra towards your principle each month - Upside, buffer in case you have an extra expense come up versus being committed to the higher monthly payment - downside, it takes some discipline to stick to the additional principle payments each month.
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That's what I did, kept it at 30 just incase I didn't have or needed the extra cash for something else. Luckily nothing ever came up. We just told ourselves the monthly payment is this amount and we stuck to it, and actually increased it around year six or seven. Sure is nice having no payments, i like living rent free!
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