Quote:
Originally Posted by Coachrhino11
Disagree. It’s a lot of interest if you actually take 30 years to pay off mortgage but we’ve always got longest car loan for very low rate to have flexibility in case something happens so you aren’t locked into large mandatory monthly payments, same with mortgage philosophy. We’ve often paid off cars in 6 months to year but finance longer. You can pay off the 30 year mortgage in 15 on your own and pay same rate.
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True, you don't have to just pay the full term of 30 years, but the interest paid is vastly higher at the start of the 30 year term than 15.