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Reply to "First world problem alert, advice on large loan from family "
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[quote=Anonymous]We are very fortunate and are getting a large loan from family to buy a home in cash. (Home is $2.7m, we are contributing 700k, loan is for $2m) We have two choices to pay them back - a 40 year payment plan with a smaller monthly payment or a thirty year payment plan with a slightly larger payment. Both have an interest rate of 3.5%. Which option would you choose? The smaller monthly payment is attractive but it does mean more interest over the course of the loan. We are a dual employed couple with stable jobs and very good income (700k in salary a year but high taxes), two small kids in public school, college costs fully covered, and retirement on track. This "problem" sounds obnoxious and I am sorry, but advice is welcome.[/quote]
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