Quote:
Originally Posted by Irace86.2.0
Yea, that would be hard to swallow because, like you said, you pay the interest up front. If paying it off faster make someone feel better to have that off their books then that is good.
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You are forgetting the part where Person1 in your example has a paid for house for 15 years, eliminating a huge risk in their life (they now have a roof over their head regardless of what else happens except straight up financial collapse on their part) and that completely changes how you do things, and how you sleep at night, and it creates flexibility.
For example, if both want to move at year 16 (or year 5 for that matter), there is a major difference in the amount of equity available to roll into a new house.
Each person has to decide for themselves what the long-term goal is, and what they are most comfortable with in the long term.