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Assuming 5% after-tax investment returns of course.
For me @33 with growing family and many proven opporuntity to earn 9% or more,
In what looks to be a near-zero-interest-rate era, you guys seem awfully confident about your investments.
Over here in zero-interest Japan, I pay more in monthly bank transfer fees than I get back in interest, and the stock market is hardly a safe place to put money.
The safest investment possible is early repayment of one's debt. I'm about to completely pay off the home renovation loan that I still owe about $16,000 on at 3.475%. There's no way I could safely earn anywhere near that much holding onto my cash.
EastCoastBubbleBoy
@
2010 Jun 15, 11:27am
IMHO go with the 30 year, and pay it off as if it were a 15 year.
elliemae
@
2010 Jun 15, 1:52pm
IMHO go with the 30 year, and pay it off as if it were a 15 year.
Amen, brother!
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For those of you who would actually consider buying right now - any thoughts on which is better?
It seems like if inflation is going to be high, 30 yr might make more sense since the debt will become worth less. But the idea of being done with the mortgage in 15 years is nice. I know some of it is personal as far as being able to afford the higher payments of the 15 yr, but taking out those personal aspects, which is better?
Pros I see of 15 yr: lower rate, finished sooner meaning less in total payments
Cons: higher monthly payment, don't get to deduct as much mortgage interest from taxes
#housing