15 vs 20 year refinance?

Outside of the closing fees.....which to go with?

20 year refinance would save like over $150 a month, and end the mortgage 4 years sooner....

or

15 year refinance (lower rate) would cost like $150 extra a month, but end the mortgage 9 years sooner... The 5 extra years earlier would save over 100k yet we'd be paying an extra 25k over the next 15...

Re: 15 vs 20 year refinance?

15 year, we did it this year! saving a boatload of interest!

Re: 15 vs 20 year refinance?

I think there are other factors that are important. Can you comfortably afford that extra $150/mo?
What are your retirement plans for future? Will either term make a difference with regard to that?

If I could I would strech with the little higher payment and go to 15 yrs.

15 vs 20 year refinance?

Depends what the rate difference is ... if the rates you're getting for 15 vs 20 years are approx the same, i'd go with the 20 year. You could always pay an extra $150 per month to pay the loan off sooner. It gives you more flexibility with your money.

Re: 15 vs 20 year refinance?

If it was me, I'd go with the 20 year... and pay more towards the principal, but have a lower minimum payment. This way for whatever reason if anything ever happened where one month I was burdened financially, I could still make the minimum payment and be OK.

15 vs 20 year refinance?

The rate would be .5% less..... the 15 year rate is almost half our 30 year rate we are on....

retirement isn't for a long long time...... 15 year would end when dc#1 would be going off to college....