Asked by Edward  |  Submitted January 05, 2017

If you had the choice between a 30 year at 3.75% or a 15 year at the same rate, would it be better to take the longer loan with smaller monthly payment?

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  Answers  |  1

January 05, 2017

If you goal is cash flow, the 30 year term could be the best option. You have the option to make extra payments, with a fall back to the 30 year obligated payment, if things get tight.

If you goal is to pay it off the quickest, with a payment that forces you to do it, the 15 could be the best choice.

If you need anything else, let me know.

Thanks

Matt

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