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For my first home purchase, I opted for a 30 year fixed so the "required" payment was managable even if things got tough or the unexpected happened. I paid extra principle each month (gradually increasing the amount) and paid it off in eleven years. Have you checked out a Credit Union for the loan? I've found that banks can't compete with them and I used to be in banking (IT), or shop around for reduced "finance charges". Your strategy seems sound to me. Good luck!
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