The 15 Year Mortgage
March 18, 2012 8 Comments
I just had a wonderful conversation with Mr. Woodpecker about why I wanted to get a 15 year mortgage instead of a 30 year.
See, 15 years seems like an imaginable time frame to me. I can imagine working at my job 15 years. I can see living in a house for 15 years. I can see being with the same person for 15 years. 15 years, well, it doesn’t seem undo-able.
30 years? That is just about my entire life. That seems unsurmountable. I can’t even imagine – I’d be 60 by the time that loan got paid off.
By taking a 30 year loan I feel like I would be resigning myself to also having house payments. Always.
15 years? I can imagine the day where I finally send in that last mortgage payment. The house is mine. And then? That ~$1,000/month that I was paying on my mortgage – it becomes MINE. I could go sell the house, take the money and use it as a FATTY down payment on a new $300,000 house. Giggity! I could save that money every month for 5 years and have a kick ass $60,000. Then use that money to pay for a nice home in cash. Or I could take that $60,000 and put it as a down payment on a beautiful home in the mountains that I can spend my summers at! Or I could buy a vacation condo in Mexico that I can visit in the summers. Or I could just invest it all and make gobs of money to spend in retirement or for a kick ass car or whatever the heck I wanted.
I could do… so much… because then my money and interest rates… they’d be working FOR ME!
I can’t imagine NOT doing a 15 year mortgage. I can afford it. And the possibilities at the end of the 15 years? Well, they seem ENDLESS!