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ARD | 15yr mortgage vs. 30yr mortgage for 60 yr old couple? |
I have 5-10 more years of work. Am buying home. Planning on paying 50% down payment. What is better option, 15 yr. mortgage vs. 30yr mortgage? |
 |
 
Digger
 |
Depends on many factors not listed, but I would usually recommend a 30 year fixed mortgage. Your monthly payments will be lower than with a 15 year mortgage, and you can always pay extra principal if you want to pay it off early. On average, one extra payment per year will reduce a 30 year note by about seven years.
Good luck! |
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Quicken Loans
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The answer really depends on the maximum you can afford for your monthly payment.
My guess is that since you can afford to put a 50% down payment, you probably can afford a 15 year fixed-rate mortgage payment. If so, without more information I probably would recommend the 15 year.
Think of it this way, if you can afford to pay the 15 year payment, you'll have a shorter time to pay off your mortgage once you retire. And you'll have more equity in your home if you decide to move again. With a 30 year, you'll have a mortgage payment long into your retirement, a time when most people have their homes paid off.
It really all depends on how much money you have for your yearly income once you retire. You really should speak with a mortgage professional you trust and have them go over all the scenarios with you.
With a 15 year mortgage, you'll get a lower rate and pay less interest. Plus, you'll likely get a larger tax deduction from interest while you are still working and your income is higher and you benefit from a larger deduction.
I've included a link to Quicken Loans website below where you can use our calculators to compare different payments for different loans.
Good luck with your new home. |
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stephen l
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Go with the 30 year to lower your payment and take advantage of the tax break. Make sure you have the right mortgage broker too. I suggest Hometown Banc Corp. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at the source website and a Hometown loan officer will contact you . |
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achievablemortgages
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Well, it really is in how you perceive things. If you've got 50% to put down, chances are you have a desent nest egg and cash flow isn't a problem. If that is the case, you may want to go with the 15 year fixed. It will give you peace of mind knowing it will be paid off in half the time, and the rate is usually a quarter point better.
On the other hand, the 30 year fixed will give you greater cash flow, if needed by stretching out the payments, but it will cost you a lot more over the long run. If you are in good health and don't have a problem making the higher payments, pay the mortgage off early.
Peoples life expectancy is much higher these days, and at the end of the term of 15 years, at 75, you'll want to relax and not worry about a mortgage payment. Now, if your health is not great, take the 30 year or a 40 year amortized loan to give you more cash on hand now, and put credit life insurance on the loan so that when you pass, it'll still be free and clear to leave to your kids or relatives. This way, you've got all bases covered.
Ultimately, it is your decision as to how comfortable you are with the loan. If you feel like paying it off early gives you peace, do it. If you need the cash now, go for the 30.
Hope this helps. Good luck. |
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paul h
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get even die in debt take thirty year morgate giv them 25 percent and enjoy your life while you can |
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R.E. Advice
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Do the 30 year mortgage option....Heck do a 40 year if it's available. You'll have more freed up cash, and like the others say, pay additional to your principal loan balance any time whenever you feel like spending a bit extra. At least you won't be forced to every single month.
Even though the interest rate on a 15 year is better, your bottom line would likely be better with the lower monthly payments.
p.s. I'd take out a 200 year mortgage if I could....How else can the average person borrow money at that low of an interest rate for that many years!??? When you add price appreciation and inflation, it's a no-brainer to me. |
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lenderjayne
 |
You would need to figure out what you would be making in 5-10 years when you retire. A 15 year payment may be too high and would take up most of your retirement. Also, do you plan on living in that house after you retire? It also may not be worth putting 50% but investing that money instead and use the interest off to help offset the house payment. There are very many options available and you should sit down with a knowledgable lender in this area and not one that wants to just put you in a loan. Ask your friends who they have used and try them. If you're in CA I'd be happy to discuss your options. Otherwise, I hope this helps you and good luck. |
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Ted G
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It depends on your monthly cash flow; a 30 year fixed will give you a lower payment and you can always pay above the monthly payment. A 15 year fixed will have a higher payment, but will build equity and be paid off quicker.
You need to determine what is more important; cash flow or future benefits. Something else to consider is will you stay in the same house (and the same loan) for the duration?
Feel free to contact me with any additional questions you have. www.homelendinganswers.com
Good luck. |
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brad m
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You can check out your options at a bunch of different sites on the web. I'd recommend www.lendermagnet.com |
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Rony
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only you can respond to that question. faith. come on!
Study the options:
http://all-mortgage-calculators.blogspot.com |
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