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To: Paleo Conservative
He also told a science meeting in St Louis that 50-year or 75-year mortgages may not be unusual in the future.

That would be insane. This guy obviously doesn't understand the concept of compounding and how it's exponential, not linear. You're much better off getting a 15 year mortgage and paying it off. Then you have almost the entire proceeds from the sale of your house to use as a downpayment for a new house. I just bought a new house and I'm paying a few hundred a month over what a 30 year would be, but I'll be much better off for it.

47 posted on 02/18/2006 8:56:15 AM PST by AlaskaErik (Everyone should have a subject they are ignorant about. I choose professional corporate sports.)
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To: AlaskaErik
You're much better off getting a 15 year mortgage and paying it off. Then you have almost the entire proceeds from the sale of your house to use as a downpayment for a new house. I just bought a new house and I'm paying a few hundred a month over what a 30 year would be, but I'll be much better off for it.

I got a 30 year mortgage, but paid extra principal during a very prosperous long term consulting gig. This resulted in me having it fully paid off just before the recession, where I was out of work for a long time. Not having to worry about mortgage payments greatly reduced my stress level

60 posted on 02/18/2006 9:26:56 AM PST by SauronOfMordor (A planned society is most appealing to those with the hubris to think they will be the planners)
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To: AlaskaErik

A 50 or 75 or 1,000 year "mortgage" would have payments not terribly smaller than the payments in a thirty year mortgage.

Innumeracy is common amongst those claiming to be "scientists". Mann's "hockey stick" shaped climate change curve (and therefore "global warming" theory) is a good example. One might call me harsh in describing such and eminent climate scholar innumerate, yet otherwise Mann must be a fraud -


73 posted on 02/18/2006 9:51:28 AM PST by Iris7 (Dare to be pigheaded! Stubborn! "Tolerance" is not a virtue!)
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