Re: advice for first time home buyer?
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I was always led to believe that you will save a ton if you are not paying interest for those extra 15 years. If you guys could clear this up I would be greatful.
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Yes, your are correct. See prohornblower's post. The 30 year option means paying $100K more in interest.
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If you don't pay it off earlier, as per what I was explaining. In that case you gain flexibility for a small amount of additional interest.
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