Toggle navigation
Toggle navigation
Home
DCUM Forums
Nanny Forums
Events
About DCUM
Advertising
Search
Recent Topics
Hottest Topics
FAQs and Guidelines
Privacy Policy
Your current identity is: Anonymous
Login
Preview
Subject:
Forum Index
»
Money and Finances
Reply to "15 vs 30 years mortgage"
Subject:
Emoticons
More smilies
Text Color:
Default
Dark Red
Red
Orange
Brown
Yellow
Green
Olive
Cyan
Blue
Dark Blue
Violet
White
Black
Font:
Very Small
Small
Normal
Big
Giant
Close Marks
[quote=Anonymous]We just refi'd to a 15 yr at 2.85% from a 30 yr @ 4.75%. Our monthly payment will be significantly higher but our youngest daughter is going to public K this year, so no more preschool tuition. The difference between our old and new mortgage payment is less than the preschool payment, so we figured we won't "feel" the increased payment at all. What is really astonishing somehow is when you look at what you will have paid over the life of the mortage. In our case, this is a 300K difference on a 417K loan. In other words, with the 15 year will have paid about $515K over the course of the loan but with the 30 yr, that would be 815K (roughly). We can afford the mortgage on one salary (my salary). It would be quite a struggle to afford on DH's salary alone (I make 3X what he does). But we have to assume that wouldn't be the case for a sustained period of time. I work for a very stable employer.[/quote]
Options
Disable HTML in this message
Disable BB Code in this message
Disable smilies in this message
Review message
Search
Recent Topics
Hottest Topics
