Yes, given the rate is the same. There is no reason to refi to shorten the term unless you’re

Oct 22, 2020
10:11:50pm

Pimpin4Paradise Truly Addicted User

getting a better rate. Calculate the 30 year payment, subtract from the 25 year payment, and pay that much additional principal each month. Your loan will pay off on a 25 year schedule.

This message has been modified

Originally posted on Oct 22, 2020 at 10:11:50pm

Message modified by Pimpin4Paradise on Oct 22, 2020 at 10:13:47pm

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Pimpin4Paradise

Previous username: ChubbyChaser
Bio page: Pimpin4Paradise
Joined: May 2, 2008
Last login: Nov 12, 2022
Total posts: 56,121 (5,737 FO)

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Messages

Author

Time

possible dumb question regarding Mortgage Loan calculations (30 vs 25 or 20 yr)

byu1

10/22/20 10:09pm

Yes, given the rate is the same. There is no reason to refi to shorten the term unless you’re

Pimpin4Paradise

10/22/20 10:11pm

I had the same option and I chose a 15 year loan so I would force myself to pay

sortsol

10/22/20 10:13pm

I like the idea of paying extra to pay it off sooner. This also

Superman21

10/22/20 10:16pm

Agreed. I have thought about refinancing to a 30 for the flexibility of paying

sortsol

10/22/20 10:23pm

You can do a loan for 25 yrs

Cougarite

10/22/20 10:16pm

Yes. Anything less then 30 years makes no sense.

allcoug

10/22/20 10:19pm

RE: possible dumb question regarding Mortgage Loan calculations (30 vs 25 or 20

FT487

10/22/20 10:28pm

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