Re: Help me settle this 20 yr fixed vs 30 yr fixed mortgage debate
Yes, that was my point exactly. The only real reason to take the shorter loan is to gain an advantage with interest rates. If the rates are the same, then get the longer term loan, and just make extra payments to principal if you want.
$170/mon = $2000/year and would be better placed in an IRA rather than paying the house off earlier, if you are not yet contributing to an IRA.
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