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Real Estate
Reply to "Finance people: Help me figure out if a 30 year or 15 year mortgage makes more sense"
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[quote=Anonymous]Interest rate on 155k mortgage refinance is 2.5%, 30 year is 3.5% and we can afford the higher monthly payments on the 15 year. The home was purchased 5 years ago with 4.9% interest so obviously we need to refi. Seemed like a no-brainer to do the 15 year BUT we only plan to be in the house 6-8 more years. It still seemed like a good idea with all the on-line amortization tables I ran, but I can't find one to help me figure out if the decrease in mortgage interest that we can deduct with the 15 year loan will offset how much more equity in the house we'll have in 6-8 years. Can anyone help me out? [/quote]
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