[Atlas Sneezed]

"Then, ask him to print out a report on how much interest you would pay if you got a 30 year loan and made the 10 year payments."

Looking only at total payments is an economically naive approach that emotionally and irrationally ignores the time value of money.

If you must do this, also have your broker put together a scenario of what the monthly savings (with the long-term loan's lower payments), would yield when invested over the same period. If you ignore this, you miss Edelman's entire point.

[Texas Eagle]

Looking only at total payments is an economically naive approach that emotionally and irrationally ignores the time value of money.

I'm sure my bank wants me to think the same thing.