Honestly, I hear you on the “resetting the clock” thing. But sometimes, it’s not as cut and dry. I’ve had clients who did a 30-year refi, but then paid extra each month—kind of a DIY shorter term. Not everyone’s cash flow is steady enough for a 15 or 20-year payment, but they still want some flexibility.
You mentioned,
—I’ve seen it work, but I’ve also seen folks get stretched too thin. Sometimes the peace of mind with a lower payment (even if you pay more interest overall) is worth it, depending on life circumstances. Just depends what matters most to you at the time, I guess.“Curious if anyone here has tried a 15 or 20-year VA refi instead of going back to 30?”
Totally get where you’re coming from. I’ve seen folks go the 30-year route and just throw extra at the principal when they can—keeps things flexible, especially if your income isn’t always predictable. Not everyone’s comfortable locking into a higher payment, and that’s fine. Sometimes, just having options is worth more than shaving off a few years.
Sometimes, just having options is worth more than shaving off a few years.
I get the appeal of flexibility, but honestly, I lean the other way. Here’s why:
- Shorter terms usually mean way less interest paid over time. That adds up fast.
- Higher payment can sting, but it forces discipline—kind of like forced savings.
- If you’re investing elsewhere, sure, keep cash flow. But if not, why pay the bank more?
I’ve gone 15-year on a couple properties. It’s tight at first, but man, seeing that principal drop is motivating. Just my two cents—depends on your goals, really.
Refinancing Isn’t Always About Speed
I get where you’re coming from—the math on a 15-year can be super compelling. But I’ve been in situations (especially with rental properties) where flexibility literally saved me. If a tenant bailed or repairs popped up, that lower payment on a 30-year gave me breathing room. You can always pay extra toward principal if things are going well, but you can’t make that payment smaller when things get tight. Just something to weigh, especially if your income isn’t 100% predictable.
I get the whole flexibility angle, but I’ve found that having a 15-year loan actually kept me more disciplined.
True, but in my case, if I had the option to pay less, I probably would’ve spent it elsewhere. The forced higher payment meant I built equity faster and paid way less interest. Not for everyone, but worth considering if you’re good with budgeting.“You can always pay extra toward principal if things are going well, but you can’t make that payment smaller when things get tight.”
