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Money and Finances
Reply to "15 year vs. 30 year mortgage"
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[quote=Anonymous][quote=Anonymous]I agree with you. I'm just trying to figure out if there are any downsides to going to the 15-year mortgage. The only one I can think of is the idea that there is some opportunity cost if we tie up most of our money by putting it into the house on this accelerated basis, as opposed to investing it in the market, coupled with the notion that we'll lose the mortgage deduction. [/quote] Other downsides: You tie yourself into a higher payment that limits flexibility for your employment. And, if the market takes another big dive, the money in the house is just gone, whereas with a higher balance on your mortgage you can do a short sale and limit your loss (while killing your credit) while sticking the bank with the negative results of your bad luck. [/quote]
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