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I went with the 30-year mortgage over the 15-year and it was the right call for me
I was dead set on a 15-year loan for my place in Charlotte because I hated the idea of paying more interest. My lender ran the numbers and showed me the 30-year payment was $900 less a month, which let me actually afford the house and still save for repairs. Having that extra cash flow last winter when the furnace died was a lifesaver. Anyone else pick the longer term and feel better about it?
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the_wyatt7mo ago
That extra cash flow is huge for handling surprise costs. It also gives you room to invest the difference if you want.
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the_abby7mo ago
Totally agree about that extra cash flow, @the_wyatt. It really does take the pressure off when something pops up.
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taylorc506mo ago
My buddy in Raleigh was so proud of his 15-year mortgage until his roof needed a full replacement two years in. That 30-year payment difference would have built a repair fund, but instead he had to put the whole thing on a high-interest credit card. He's still paying that off, which kind of defeats the whole interest-saving plan. Watching that mess made me a total believer in the lower monthly payment.
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