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Reply to "15 year vs. 30 year mortgage"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Thinking about refinancing our 600k loan from a 30 year fixed to a 15-year fixed mortgage with a nice low rate (3%). I think we can swing the extra monthly amount without a problem. I recognize that in 15 years we'll lose the mortgage deduction, but the rate seems great, and if we move before then we'll make more money on the house. What am I missing? Is this a huge mistake? [/quote] You'll lose the mortgage interest deduction long before 15 years at the rate you'll pay down equity. The biggest thing is you're on the hook for that bigger payment. You could get a 30 year (with a slightly higher rate) and treat it as a 15-year and still have the safety net of lower required monthly payments.[/quote] Never understand the mindset of people who wants to pay more interest so they can deduct it come tax time...[/quote]
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