Lenders love to make those fee sheets look complicated... probably on purpose.
Totally get what you mean. I’ve noticed that too—sometimes it feels like they’re banking on people not digging into the details. Did you ever try running the numbers on a shorter loan term instead? I found that going from 30 to 15 years made a bigger difference than any rate buy-down, but obviously the payments jump up. Curious if you looked at that or just stuck with the extra principal route?
Did you ever try running the numbers on a shorter loan term instead? I found that going from 30 to 15 years made a bigger difference than any rate buy-down, but obviously the payments jump up.
Yeah, I did the math on both. The 15-year option saves a ton on interest, but those higher payments made me a bit uneasy—felt risky if something unexpected came up. Ended up just making extra principal payments on my 30-year instead. Did you factor in flexibility at all, or was the savings just too good to pass up?
Ended up just making extra principal payments on my 30-year instead. Did you factor in flexibility at all, or was the savings just too good to pass up?
That’s actually what I recommend to a lot of folks—keep the 30-year for breathing room, but throw extra at the principal when you can. Life’s unpredictable, and it’s nice not being locked into those higher payments if something goes sideways. I’ve seen people get stretched too thin on a 15-year and regret it later. Flexibility’s underrated, honestly.
Honestly, I think you made the right call. Having that wiggle room with a 30-year just makes sense, especially if you’re not sure what’s coming down the road. I’ve seen friends get stuck with higher payments and it’s stressful. Extra principal payments are a smart move—best of both worlds, really.
That’s exactly why I went the 30-year route too—life throws curveballs, and I’d rather have the option to pay extra than be locked into a higher monthly payment I can’t always swing. One thing I’ve wondered, though: do you think it’s worth refinancing down the line if rates drop, or does the hassle and closing costs outweigh the savings? I’ve seen folks get burned chasing lower rates, but sometimes it really does pay off. Curious if anyone’s actually run the numbers on that lately...
