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Another consideration in choosing a term is whether you've got any other debt that you should focus on repaying before the mortgage. We just recently went from a 20yr to a 30yr for that reason -- mortgage rates are so friggen low right now, and my wife has another (far smaller) loan at 2X the rate that we can pay off more quickly with a lower 30yr mortgage payment. Plus, obviously other personal interest is not typically tax-deductible whereas mortgage interest still is (for now).
Rates are so low now that our payment is just about 1/2 what it was when we bought this place 10 years ago. All interest. That is just mind-blowing. And rates were nowhere near historical highs a decade ago.
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Chris C.
1973 914 "R" (914-6) | track toy
2009 911 Turbo 6-speed (997.1TT) | street weapon
2021 Tesla Model 3 Performance | daily driver
2001 F150 Supercrew 4x4 | hauler
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