Is 30 years too long to pay off a home mortgage?

+2 votes
asked Oct 22, 2017 in Real Estate - Renting by Essmann (42,860 points)
Is 30 years too long to pay off a home mortgage?

In your opinion is 30 years too long to be paying on a home mortgage? Which is better option a 15 year mortgage or a 30 year mortgage?

2 Answers

0 votes
answered Oct 22, 2017 by chad (14,670 points)
In my opinion 30 years is a long time for a mortgage. Take this example. I'm only 29 years old and have about 5 months to go before I turn 30 so I haven't existed on this planet for 30 years yet.

If my parents took out a 30 year mortgage to buy a home when I was born they'd still have 5 months left to pay on the mortgage.

Or another example we lost our home in the year 1994 when I was 4 days away from turning 6 years old. We were renting a house for 6 of those months until my dad got a mobile home brought in and placed on the ground where our house burnt.

He bought it with cash from the insurance money.

So if my parents had bought another home elsewhere and got a 30 year mortgage in the year 1994 they would still have 7 years left to pay off the home mortgage.

1994 was a long time ago to me and that was only 23 years ago.

When I bought my house it was for 10 years and I have 7 more to go. That seems a long way off to me so I wouldn't want a 30 year mortgage.

You can however take out a 30 year mortgage and pay more on the payments to have the house paid off sooner than 30 years.
0 votes
answered Oct 23, 2017 by Carlson (340 points)
I would go with the 30 year mortgage since you'll have lower monthly mortgage payments but you can if you want to pay more than the payment each month to get the mortgage paid off.

Even if you take out a 30 year mortgage you don't have to take 30 years to pay the 30 year mortgage off. You can pay down a 30 year mortgage in 10 years if you want to and have the money to do so.

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