15-Year or  30-Year Mortgage? (Our Choice + WHY?)

15-Year or 30-Year Mortgage? (Our Choice + WHY?)

32 thoughts on “15-Year or 30-Year Mortgage? (Our Choice + WHY?)

  1. Y'all are great! Thanks for sharing your story and helping us understand all the different factors. Discipline is key! Gazelle-like intensity

  2. Really make sense… why sign up for a 15 year MG and handcuff yourself for the next 15 years. Instead, sign up for a 30 year mortgage, pay extra monthly and if you cant in case of an emergency just pay the min. I'll go with 30 when my time come though I was really thinking about 15. But after hearing those reasonings which make sense, 30 for the win

  3. I’m close to retirement, so I opted for a 15 year after having a 30 year. I pay 1/2 bi-weekly, so I make an extra payment each year which will shorten the life of my loan.

  4. Just for information, when you refinance, you start the clock over again. Loan companies on avg call you after 4yrs to refinance and set you back. They get more interest if you refinance.

  5. I LOVE this episode! My husband and I are working on this exact topic. Thank you for sharing. Be blessed

  6. Love your channel! We did the 30 year for the exact same reason you all did. Although I am still a fan of the 15 year and we pay like it's a 15.

  7. Living in Seattle, we made the same choice to take a 30 year mortgage even though we could have afforded the 15 year payment. But if anything went wrong and we had to live on unemployment we'd have had to go into storm mode and wipe out savings. We too felt it was a lot safer with a lower fixed obligated expense per month in case of any issue arising.

  8. Chicago is my city working on buying a home in Beverly this video helped. I'm treating my home like my student loan took it for a few years paid it off before I walked across the stage! 💪 No games

  9. Good for you guys and I'm sure someone is happy for you(I just don't know you that well) but I just finished the video and still haven't explained anything about a 15 years or 30 years mortgage

  10. Thank you so much for this video!!! We are planning on purchasing our first home in 3 years and this has helped so much!

  11. quick question. we live in Northern California and the homes are expensive 600,000 and up.. Do you think putting down 20 percent ( 120,000 or 150,000) is a must or can we put less and just attack the loan with extra money monthly..

  12. We moved due to a job relocation right at the time the housing market slumped, leaving us with a house we were unable to sell due to competing with all the foreclosures and short sales. We rented out the house losing a lot of $ on it every month not to mention the upkeep and repairs between renters (we had refinanced with a large cash payout a year prior – BIG MISTAKE). After 7 years, in 2014, the market came up enough for us to sell. We never want to be in that situation again and so decided that although we were our current house right, we wanted to convert to a 15-year. We crunched all the numbers – there are a lot of scenarios and numbers to play with. Even though we could afford it, we didn't want to go over $200 extra. We saved a lot with the new rate, and our payment turned out to be a little less than $200 over what we were paying for our 30-year. For us, even though we plan to move in the distant future, we felt this was the best way for us to pay down our house and not be caught in over our heads again. We have already passed our break-even point and the house principal is well below what it was when we refinanced, just over a year ago. Although I am disciplined with money, my husband is not and we both knew this was best for us. If at any time in the future we struggle with the payment, we were assured by the lenders that we could convert the 15-year into a 30-year with no trouble. We are a double income family, but we only base our expenses off of my husband's income – learned many lessons from past mistakes.

  13. We just began BS3 and have a 30. Though what is motivating us, in a huge way, is that if we stick to the plan we will save a whole year of pre-tax income by paying off our mortgage at an accelerated pace. Talk about some motivation! I don't want to work a whole year of my life to pay the bank interest!

  14. 15 year is much better than 30!  the interest rate is lower and the payments are not that much higher.  People need to understand that the payments are NOT that much higher on a 15 year note.  I get what you are saying about 30 year, but why pay a higher interest rate?  I would never advise anyone to do a 30!  we have been through job losses and we never missed a payment. You are correct, living in Texas is pretty great!

  15. Ty for sharing your knowledge. I'm going through this right now. I was think the same y not get a 30 and pay it like a 15 or less. Being a single mom with one income. It's good to have to option to pay less.

  16. I am so greatful for this message because it confirmed what I had been thinking but wasn't sure if it was a good strategy in it of itself. thank you so much.

  17. Hello, this is a GREAT channel. I actually came across your channel this evening because I was in the mind frame today after listening to Dave Ramsey speaking about a 15 year mortgage. I came home feeling that I needed to look into refinancing. But after watching another video from y'all and then this one, I made an extra $500 payment towards my mortgage principal! That was always my goal to pay more on the mortgage…. however I have been in my NY home for 3 years but I did pay off my student loans of $94k during the first two years living here. I guess when I get honest I was in "chill" mode after the shock wore off that I actually did it. Being very strict and discipline has it perks when you have a focused goal.

    Seeing that I was able to pay off my student loans in such a short amount of time, I KNOW that if I focus again, I can pay off this mortgage! I know that I can!!! I just have to get refocused again!!! I'm annoyed looking at how much interest I have paid so far to the bank!! Knowledge is power!!

  18. 30 year mortgage only makes since if you plan work for 30 years, if not 15 year pay off faster and save thousands in interest payments!

  19. I love how you explain that there are shades of gray in this issue. I get that Dave needs to be absolute and resolute with his plan, but in reality there are a lot of considerations. With the current interest rate market, there is also very little saved in rates by going with 15 over 30. In the past when the interest rates have been higher, it could make way more sense to do a 15 year in order to secure a lower rate.

    We haven't bought a house yet. (We actually just paid off 55k in student loans today!!!). I'm not sure what we will go with between 15, 20, or 30 year mortgage. We're very disciplined, so I think the 30 is probably where we will land. But if our income goes up a bit in the next couple years as we are saving, then we might go with the 15. Either way, the amount we're looking to borrow would be manageable and less than 20% of our takehome. I'm just excited we can finally start thinking about it!

  20. Hi I'm new to ur channel and I Ian loving it!!! We just purchased our home and we live in NYC. We choose a 30 yr mortgage but we plan to sell another property I inherited and use some of that money to pay off half of this home and then refinance.

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