Which Mortgage Plan should I do…20 year or 30 year?
20 year or 30 year mortgage. ?
I just got my mortgage interest rate quotes for refinancing. I have Excellent Credit! I am 30 years and single.
30 year fixed @ 5% payment $ 805.23
20 year fixed @ 4.875% payment $ 980.02
If I purchase a point
30 year fixed @ 4.75% Payment $ 782.47
20 Year Fixed @ 4.625% Payment $ 959.53
I plan in staying at this residence for a long time. Probably own it for the life of the loan. The 15 year was about $ 1150 a month in payments so I am really focusing on the 20 year considering it is only 177 more a month than the 30 year.
I can afford all of them…and I am thinking also if I do the 20 year, I can make 1 extra payment per year which can cut down my years on the loan….
Which one should I do???