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Reply to "15 year vs. 30 year mortgage"
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[quote=Anonymous]We have an ARM that is tied to the last 12 months of federal interest rate. Our rate is currently 3.125%. We have a 30 year mortgage and I prefer this to the 15 year mortgage because I decide how much extra to pay. I currently pay about 75% of the payment that I would have if it were a 15 year mortgage and we are set to pay off our 30 year mortgage in about 20-21 years. Before kids, we were paying at a faster rate (we were aiming to pay off in 17-18 years), but I decreased the additional principle payments when we had twins. I like the control it gives me. If we have a really bad few months, I could cut back to the regular 30 year payment and use the extra money, but we haven't had to do that, so we don't. And we've been in the house long enough that if the federal interest rate goes back up (unlikely to go up before 2014), then I can worry about refinancing then.[/quote]
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