15 VS 30 YEAR MORTGAGE

Let's not bury the lead.

 If at all possible, you should nearly ALWAYS go with a 15-year mortgage if remotely possible.

Now working with a 15-year mortgage, and somewhat higher monthly payment.
 Because of this they can only comfortably manage an extra $150 per month.
 What does that look like?
It looks like this loan will be paid off in 12 years and 9 months. 
The interest savings are $13,298.

So what can we take from all this? 
The 15-year mortgage is superior in nearly every possible respect.

There is one last matter we should address.

The recent high interest rates provide the final nail in the coffin of the 30-year mortgage. 
The comparison is such that there is no comparison to be made. 
The only reason to even consider a 30-year mortgage now would be if the borrower doesn't qualify for anything else. 
Paying off a mortgage (whether 15 or 30 year) with such high interest has to be amongst your highest priority.

There was a time not long ago when rates were much lower every online "expert" were spewing any number of reasons NOT to pay off a mortgage any earlier than necessary. 
Some even argued for such things as purposely taking out a 30-year year and never making any additional payments.
 Most of these ideas centered on two basic views.

First was the belief that keeping your mortgage as low as possible would free up more of your money for investments.
These investments would return north of 10%. 
Considerable more than paying over a 3% mortgage. 
This may seem reasonable but doesn't take into account one simple fact. 
Your investments may go down.

Second is thought that since INTEREST PAID on a mortgage is tax- deductible you should always carry a mortgage for tax implications. 
This is as wrong as wrong can be. 
We do cover this very topic in the "avoid these 7 scams". 
Suffice it to say that this is terrible advice, regardless of what the rates are.

The best path should be clear to you by now. 
Particularly in a time of historically high mortgage rates.

Opt for a 15-year mortgage.
Pay it off as fast as you can.

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