We have a 15 year.
IF we buy again we will probably go for a 30. We'll likely put in as little as possible towards a down payment as well and take most of our equity and invest it. Hubster is approaching retirement age and I will (possibly) have many years to live in the downsized quarters. The lower the house payment the more of my cash flow I can keep to buy my groceries and meds with.
Read Ric Edelman's 'The Truth About Money' for advice on keeping the money out of the house.
This is all hard for me as emotionally I would surely love a paid for home, but financially by the numbers it will likely make better sense for my overall cash flow to go for a 30 on any subsequent purchase.
IF we were better prepared for retirement? Ehhhh, I'd pay off the house in a heartbeat.
|