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ken0042 · 04-24-2006, 03:15 PM

I crunched some numbers using the mortgage calculator. From what I can see on a $200K mortgage at 6% interest you would save $90 per month to extend it from 25 years to 30 years.

Now for somebody like Dominic who is looking to flip a place; it's fine. However if the difference between a 25 and 30 year mortgage is the breaking point between being able to afford a place or not, consider what will happen if interest rates go up to 8%; which is quite possible within the next 5 years.

04-24-2006, 03:15 PM	#10
ken0042 Playboy Mansion Poolboy Join Date: Apr 2004 Location: Close enough to make a beer run during a TV timeout Exp:	I crunched some numbers using the mortgage calculator. From what I can see on a $200K mortgage at 6% interest you would save $90 per month to extend it from 25 years to 30 years. Now for somebody like Dominic who is looking to flip a place; it's fine. However if the difference between a 25 and 30 year mortgage is the breaking point between being able to afford a place or not, consider what will happen if interest rates go up to 8%; which is quite possible within the next 5 years.