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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]You might try this calculator-- http://www.mtgprofessor.com/calculators/Calculator9ci.html when I ran the numbers it suggested that the 15 year mortgage would save you about $11k over 8 years. The amortization curve is pretty steep for the 30 year mortgage. At the beginning on a 155k loan you would pay about $250 in principal and $450 in interest (worth about $100 on your tax return). (If you poke around that site he has other calculators that might be helpful, or find a different one if the numbers seem wonky). On the 15 year loan, you will pay about $700 in principal and $300 in interest (worth about $75 on your return). So the principal payment on the 15 year really dwarfs the tax benefit of the 30 year. On the other hand, the 30 year will leave you a lot more liquid, so for example if you want to save money for the next move, or have a good cushion, that would be a good reason to still go for the 30 year loan.[/quote]
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