Reply to 15 vs 30 years mortgage

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[quote=Anonymous]You don't get the screamingly better rate with the 20-year, usually.

[quote]I haven't run the numbers but whatever that difference is, is the price you pay for the considerable flexibility (IMO) of not being locked into the higher payment of a 15 yr. mortgage. Any number of things can happen to put the squeeze on finances and unless you're comfortably over the line (and OP says the 15 yr. would be tight), then I generally prefer to take the 30 yr. and pay it off in 15 (and have the flexibility to change payments down (or up) if events intervene). [/quote]

This is exactly how we decided - I've posted this on several other threads on this same exact issue. OP, you should do a search. We chose both times we refinanced in the past year to go for the 30-year for the flexibility, having gone through recent financial upheaval. There is something major to be said about keeping your monthly nut low. Meanwhile, we are paying $5K/month on a $3300/month PITI, which will turn it into a 15-year anyway. But we don't have to do that if we have increased expenses later which make that harder.[/quote]

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