12-06-2012, 01:32 PM
Kakarat Wrote:Strife, my best advise is to even shop around for a nice low interest rate and always split your payments of your mortgage to as many the lender will allow. You may save anywhere from $50-500 on interest throughout the year. And that adds up over 15-25 years.
I always argue the other side of this argument. To me there is no reason to take 5 years off a 30 year mortgage at the back side, when interest rates are at an all time low, and 25 years of inflation will make your last 5 years of payments feel like paying the monthly electric bill. Unless you are just rolling in the dough, have no other debts, and have no kids to send to college etc...having more capital at an earlier age that can be invested and compounded over 25 years will give you insanely higher returns that a 3.5% interest payment.