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I like the idea of keeping a lower payment for a longer term. When I have extra cash I put it to the principal. If/when I dont, I have the flexibility to just pay the minimum.
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+1
This is what I do also. I've never allowed a loan to run full term - always paying off early (some a lot early, some only a little).
This logic - not committing myself to a higher monthly nut than I absolutely need to - saved my ass when I found myself out of work for a year in 2009.
Committing to lower monthly payments (and ensuring one has the discipline to make higher payments when able) greatly extends one's leverage and flexibility. But the strategy is not for everyone - it can get some people into trouble if they succumb to temptation to allow the "wiggle room" to become filled by more borrowing and other debt obligations (don't let it be like gas expanding to fill a volume...)
Flexibility is ALWAYS a good thing, because sooner or later you'll need it - I don't care who you are.