Mortgage Loan

Why Your 30-Year Mortgage Is Costing You a FORTUNE!





Why Your 30-Year Mortgage Is Costing You a FORTUNE!
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28 comments

  1. My first mortgage 30 years ago the interest rate was 11.25% so it was very expensive!!!

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  2. We pay way more than what they told us to do to get it down to 15 years. People need to understand how to work that extra principal payment in their favor. Create a spreadsheet so you can see how fast you’re paying your mortgage off with those extra payments. It’s how I got my husband on board.

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  3. If you include the interest tax deduction and inflation, the "fortune" actually becomes a lot smaller. Just saying from a strictly mathematical standpoint, the 30 year mortgage with extra money invested will give you a better result. When I buy a house, I'll still make larger payments though.

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  4. Truth

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  5. To save up long enough to buy a house cash, I might as well pay the interest because I'm gonna have to pay rent that long and thats money gone anyway that I can't get back.

    Also prices are crazy high. A 15 year mortgage is too expensive for most people monthly

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  6. Agree with you in principle but think you need to bring inflation into the equation too.

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  7. What does the term matter when their plan calls for us to pay it off fast anyway?

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  8. Do a 30 year and pay off early, pay extra on principle

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  9. I know I haven't done everything right, but at least my $200K home has been paid off since 2014, and I have no other debt other than monthly expenses (covered by my SS).

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  10. There no 200k home in Los Angeles 😒

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  11. Stock market crash is immediate , a 40 to 50 percent loss in the economy , millions of unemployed, and the crash of the dollar are a result if this virus overreaction. Don’t worry about your mortgage, your going to be unemployed soon.

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  12. Thank you Chris. From what people reported in https://getaquote.fyi, mortgage rates for 30 year fixed are fairly low recently. Do you think this is a good time to refinance?

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  13. U can always pay more on your principle if u take 30 yr loan! That will shorten the yrs & save 1000s of dollars from the interest!!!

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  14. 15yr isnt ideal in todays market. At the end of the day we cant take none ofthis stuff with us. Enjoy your short time on earth and do whats best for you.

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  15. Not if you’re investing your extra money instead. Mortgage rates are 3-4%, inverting can beat that over 15 years guaranteed

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  16. Thanks for your insight, but I respectfully disagree. Although you are paying more interest on a 30 yr mortgage versus 15 yr, your mortgage interest is tax deductible and tax- favorable. A more accurate analysis is comparing the cost of a 15 yr loan versus the cost you incur in the first fifteen years of a 30 yr loan. You actually spend more in interest on a 15 yr loan versus first fifteen years of 30 yr loan. A longer mortgage gives you liquidity to access should you ever need it.

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  17. I'm making so much money with my 30 year mortgage because I invest the difference for far greater returns than the mortgage costs me.

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  18. My wife and I started to buy a home (we have a morgage) on March 6th. We were approved for $360k, we ended up buying a house for $285k ($295k appraisal) on a 30 year mortgage with 3.5% APR. With all the layoffs happening now we are happy we got a smaller payment but we still plan on paying double payments once everything calms down. We plan to pay off the home in 8 years. Are we making the right decision? Should we invest instead?

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  19. Get a 30 year to help keep payments lower in case life happens like it does and make extra principal payments and pay it off in 11 years. Same thing only you get the added benefit of having a lower payment if SHTF!

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  20. Its still better than paying rent. Just make sure you can pay your monthly payment. Just my opinion.

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  21. Who can really afford a 15 year when prices are climbing like crazy. Ten years ago a same size home in my area that goes for $350k now was $180k.

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  22. NEVER REFINANCE YOUR HOME IF YOU CAN HELP IT. BOUGHT MINE FOR 30 YEAR MORTGAGE AND PAID OFF IN 13 YEARS… EXTRA INCOME YOU EARN PUT IT ALL IN PRINCIPAL. THEN THE MAGIC HAPPENS WHEN YOUR PRINCIPAL GETS LOWER.

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  23. amazing content I really liked it

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  24. cool video keep up the amazing content

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  25. House hacking my 30, it’s making me money.

    Will probably pay it off with stock gains though 😅

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  26. When prices have climbed up they way they have in some markets it might be hard to get a 15 year loan but another option is to do a 30 year but set your payments to an amount that’s comfortable but will pay it down faster!

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  27. hoping to cut my mortgage to a 20 year term this Nov. then maybe get it paid off in 15 years

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  28. First here.keep making good content

    Reply

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