30yr mortgage vs 40yr see example.?
my parents paid off their house in NY in a period of about 10yr, thier payment used to be about 1400/mth back in the day, now my dad pays about 1000 mth for property tax alone, It seems to me that he would have been better off getting a 30yr mortgage instead of 10 cause he’s payment would have been less and even though he would still be paying it now, I think he still would have been paying less than now. (to me it seems like the town said, “ok he paid off his house and if he used to be able to afford 1400, lets tax the property for 1000, he should be able to pay” Lets say I purchase a duplex with a 40yr loan, if my monthly payments would total about 1500, compared to 2000 for a 30 yr, would’nt it be better to get it for 40yrs, rent out one side for about 1200mth and worry about 300dlrs only? I would still have the option to pay it off in 30 but seems to me that I would practically live for free and my tenant (hopefully he would be a good tenant) mind you this is only an example, would be the one paying off the house no?
I understand that I would pay more in the long run, but I would like your input on the example I gave you, If I rent part of the house, even though I would pay more money in the long run, I’m really not paying a lot from MY pocket, its the tenant that’s paying no? also, yes my dad’s house is all paid for and yes taxes are about 12000 a year here in LI, house is worth maybe 350000 but like I said LI has crazy property taxes……
so if my father was paying 400 mth in taxes 5 yrs ago and say 1000 for the house,if he didn’t have paid his house off and taxes would have still jump up, does that mean that if he had a 30yr mrtg, he would have ended up paying about 2000 a mth?