| Author | Message | ||
     Kubang Celebrity Bewarse Username: Kubang Post Number: 33644 Registered: 09-2011 Posted From: 161.141.1.1 Rating: N/A |
for example, I took 25 year amortization and 5 year fixed interest rate when we bought home 12 years ago. after 5 years when it was time for renewal, I opted for 15 year amortization and again 5 year fixed interest term. half way through that term, I renewed it with 5 year amortization and paid off the home in 10 years total. It was possible because I took the advantage of 20% extra payments both in principle and monthly payments every year. again my advise to anyone in your situation: take the shortest amortization that you could afford. difference between 5 year fixed term or 7 year term would be a simple math. look at total outlay from your pocket and decide. I think you guys have an advantage of interest write off from your taxes, which we don't have. I didn't take that into consideration. Ignorance is bliss |