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[quote=Anonymous][quote=Anonymous]I don't know who was the idiot who came up with the 30 years mortgage but he did this country a big disservice because a lot of Americans actually think that it's okay to keep paying someone interest for 20 to 30 years

So put as much as you can as down payment to minimize your mortgage cost. I have been through periods of unemployment and the fact that I have a very low mortgage made living for short periods of time without a paycheck far less stressful.[/quote]

Hard disagree.  My original  30 year 4% mortgage and refinanced 30 year 2.875% mortgage (both of which are tax advantaged) have been far outpaced wage growth and, more importantly stock market growth.   Also the 30 year lower cost per month makes it easier for me to weather the hard times when my costs are high (i.e. kids) versus scaling back to pay off my mortgage for no great discernable benefit.

That being said with current mortgage rates its not quite as easy a calculus, but I personally would take a 30 year, tax advantaged ~7% over paying extra on the downpayment and doing a 15 year ~6.25%.  Also, I can certainly appreciate the overall point of the "easy" money allows people to overspend on houses and be stuck.[/quote]

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