$75,593 Interest Paid
$86,037 Interest Paid
Obviously the numbers can speak for themselves, but what about the time: your life's clock. If your 25 and just beginning do you want to be middle aged before you pay off your house?
If you are 50 can you see paying off the house you just purchased long after your friends and relatives have retired?
Let's look at the bright side. If you are 25 you can take a 15 year and be done at 40. If you are 50 you can be done at 65. All the extra time you won't be paying a mortgage you will have the money to do something you would really like: travel, develop a hobby, retire, run for Congress or become a senior statesman!
This isn't a long column because it doesn't take much time to read it and understand what you have been doing to yourself and what you could do for yourself instead. Live your life without additional stress and with more change!
Roger Schlesinger's Mortgage Minute is heard on hundreds of radio stations and daily on the Hugh Hewitt radio show and Michael Medved shows. Roger interacts with his hosts and explores the complicated financial markets in order to enlighten his listeners and direct them along their own unique road to financial freedom.