Reply to 15 year vs. 30 year mortgage

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[quote=Anonymous]We had that same choice twice this year. What made us go for the 30-year each time was the flexibility. Our original mortgage payment totaled about $5100 in two loans, and we had been paying that off for seven years. We refinanced into one loan in the spring that cut the payment down to $3700 for 30 and about what we had been paying for the 15. We were loathe to start over at 30 more years, and could still pay what we always had, but having been through a recent financial upheaval, we knew that having the option for the lower amount when times were tough was the better move for us. And while we're in a good place, we are still paying $5100 every month with the remainder going directly to principal. Calculations told us that if we do that every month we'll pay it off in 15 years anyway.

We financed again a couple of months ago and now it's down to $3300. Made the same decision again and are happy with it. If you are disciplined enough to make the extra payments you cut a ton of interest and a lot of time off the life of the loan.[/quote]

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