I rather get a 30 year loan but pay as if it was a 15 year loan for the security of making all of my payments in the case I have a few bad months.
However, I think paying a 30 year loan on schedule is not always a good idea. Especially in the HCOL. Houses cost a lot more, the median in my area is 800,000K with the housing market the way it is now. 800K on a 30 year term schedule with interest is paying a lot of money in the long run vs. paying additional payments to principle with interest of the life of the shorter loan. If the house were 300k or less, maybe I would think differently.
|