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My realtor pushed a 30 year loan on me, but a 15 year with a smaller down payment worked out better
Everyone kept telling me to do 20% down and take the 30 year for safety, but after running the numbers in a spreadsheet for two weeks I went with 10% down and a 15 year loan. My payment is $210 more a month but I save about $138,000 in interest over the life of the loan, and my PMI drops off in about 3 years instead of hanging around forever. I bought a small place in Phoenix in March and my lender fought me on it but the numbers did not lie. I get that cash flow is tight for a lot of folks and this is not for everyone. What made you pick your loan term, was it the monthly payment or the total cost?
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