[quote=Jacarandoso][quote=AN][quote=pri_dk]If someone was willing to loan me money for 30 years at a rate less than 4%, I wouldn’t pay them back any faster than I had to.[/quote]
I totally agree.[/quote]
40 year mortgages are is pretty close to 4%.[/quote]
According to aimloan, $0 cost 40 years is ~5%, 30 years is ~$4.25%, and 15 years is ~3.5%. The decrease in monthly payment between a 30 and 40 years is not that big though, so it become not worth it to get the higher cost 40 years loan. For a max out conforming loan of $417k, you’re looking at a decrease of only ~$50/month vs ~$800/month between a 15 and 30 years.
