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Should I re-fi to a 15-year mortgage if the payments are at the top of my comfort range? If I refi to another 30-year, the lower payments mean I can

Posted by mara Sep 3 '10, 13:24

make principal-only payments on top of the required payment (equivilent to a 15-year morgage payment). Then if things get tight, I can stop the principal-only payments if I want to.

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that half percent means your house is litterally 10% or more cheaper, maybe as much as 20% less (that's what we saved when we refi'd - zeitgeist Sep 3, 13:46
[deleted] 1
- This is what I'd like to do. Thanks to all for the advice! -- nm - mara Sep 3, 13:46
personally i'd stay well within my comfort range with the 30-year, and pay more toward it every month -- nm - kare Sep 3, 13:32 2
- ding -- nm - Bacon on a phone Sep 3, 13:36 1
  - factor in the tax savings on the slightly higher rate when you compare as well -- nm - Bacon on a phone Sep 3, 13:38
Depends on how good you are at keeping at the additional principal. - JaxSean Sep 3, 13:29 5
- With my current mortgage, I can automate the payments. Once the extra principal is set up, it's automatic and I forget about it. Yeah, 20-year is in - mara Sep 3, 13:31 4
  - For .5%, I'd go with the 15-year. - JaxSean Sep 3, 13:34 2
    - Fees will be in cash, not rolled into the loan. -- nm - mara Sep 3, 13:37 1
      - Cool. - JaxSean Sep 3, 13:40
  - Give yourself the choice of paying more in case anything ever happens. -- nm - lileve Sep 3, 13:33
you can currently make a higher payment each month with no penalty? are the interest rates comparable? - Andie Sep 3, 13:28 2
- The interest rate will be significantly better if I refi. I just need to decide on a low rate on a 30-year, or a lower rate on a 15-year. -- nm - mara Sep 3, 13:29 1
  - i'd probably take the lower interest. - Andie Sep 3, 13:32
unless the rate on the 15 is crazy low, go for the 30 with at least 2 months worth extra principal per year. nm -- nm - groiny Sep 3, 13:27
30 year -- nm - lileve Sep 3, 13:26

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Should I re-fi to a 15-year mortgage if the payments are at the top of my comfort range? If I refi to another 30-year, the lower payments mean I can

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