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Real Estate
Reply to "New mortgage at 45?"
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[quote=Anonymous][quote=Anonymous]I did but I did a 15 year. That almost doubles the payments, so it’s tight.[/quote] The big benefit of doing a 15 year is that you're paying down the same mortgage but at a good bit less than double the payment. You get better rates on a 15 year mortgage but even if we assume it's the exact same rate this is what we get: 30 Year: $500,000 balance @ 7% = $3,326.51 15 Year: $500,000 balance @ 7% = $4,494.14 That's only a 35% increase in your payment. And in the real world you'll get a cheaper rate on the 15 year so the gap will be smaller. Cutting the mortgage from a 30 year to a 15 year means your payment will approach doubling as your rate approaches 0% but of course the closer your rate gets to 0% the longer you'd want your mortgage to be (if I could get a 0% mortgage sign me up for a 50 year term). The higher the interest rate environment the smaller the percentage increase between payments gets.[/quote]
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