Quote:
Originally Posted by Dean2
With the 40 year mortgage you pay an additional 289,200 to reduce your monthly payment $274/month ($98,640) versus the 30 year amortization. That is a tremendously expensive way to reduce payments.
If there is zero other choice it is better than losing the house, but the costs are significant.
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Great points, Dean2. I think this is something that many people don't realize. Many will have paid double (or more) for the house when they are done. I'm making sure my kids learn this.