[Skywalk]

But you could just as easily lose your job in the 13th year of a 15 year note and have a higher payment to come up with than if you have a bad spot.

Nothing is drawback-free, last time I checked, but the overall benefit to the longer-term note FOR HOUSES is greater than the drawback.

And the interest deduction is hardly the only benefit of the 30 year.

[Texas Eagle]

But you could just as easily lose your job in the 13th year of a 15 year note and have a higher payment to come up with than if you have a bad spot. True. That's why doing what I did is better. By borrowing money at the 30 year rate and making the 15 year payments, my minimum monthly payment is lower than if I had just gotten a 15 year loan.

So if I lose my job 13 years into my 30 year mortgage, I can just default to what would be my normal monthly payment.

[AlaskaErik]

But you could just as easily lose your job in the 13th year of a 15 year note and have a higher payment to come up with than if you have a bad spot.

I may lose my job, or I may not. But one thing is for certain...if I don't refinance, I still have $90k of interest to pay. A refi will lower my rate 2 pts and increase my monthly payment by $66.00 and cuts my interest down to $40k. Yeah, I lose my interest deduction sooner, but so what? That means that $50k won't be going to service my debt. That's money in my pocket. My lost tax benefit is no where near that amount.