To: Eric in the Ozarks
Yes and no. My disposable income goes down because my monthly payments go up. But at the end of 10 years, I can have a steak dinner every night.
25 posted on
06/02/2003 5:24:56 PM PDT by
Dog Gone
To: Dog Gone
Have you considered just refinancing your mortgage as a 20 year? You'd have the same exact term, but you'd be paying at most 5.25%, more likely 5%. If you can stretch to a 15 year mortgage you get a lower interest rate and you may still end up paying less per month than you are now.
Forget the 10-year.
I've refinanced twice in the past three years. I'm only 26 and I've already gone from a 30-year when I bought a few years ago to a 20-year today. I can not encourage people strongly enough to check out a mortgage calculator with today's rates.
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