Paying off your mortgage

lavenderchimes

Thu, Jul 02 2020, 1:10 pm

It depends on your finances. If you can get a 30-year mortgage at 3.4%, and the lower monthly payments allow you to set aside money that you can invest at 8%, the 30-year mortgage makes more sense. If the higher monthly payment on a shorter term mortgage will leave you with no buffer money, the lower monthly payment on a 30-year is a better, safer option - you can always pay it off faster if finances improve, or refinance. If you have plenty of money to pay the higher payments on a shorter term mortgage and you are terrible at saving money anyway so you won't invest the extra, better to take the shorter term mortgage.

amother

Ginger

Thu, Jul 02 2020, 1:18 pm

Chayalle wrote:

I started off with a 30 year mortgage and about 3 years later, rates had dropped and I refinanced to a 15 year. I paid it off a little over a year ago.

How many years in?

amother

Mistyrose

Thu, Jul 02 2020, 3:16 pm

we have 30 year and will probably refinance to do renovations. we technically have the money to pay cash but would rather not. interest rates are good and we can earn a lot more in the stock market.