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<blockquote data-quote="SkinnyPedalRacing" data-source="post: 757168" data-attributes="member: 10436"><p>Interesting fact on paying off a house and investing:</p><p></p><p>Buy a house that you can afford to pay off in 15 years, but get a 30 year loan from the bank. </p><p></p><p>Example:</p><p>House Payment - $1,000 a month for a 30 year loan, $2,000 for 15 year loan</p><p>$1,000 to the bank (which covers principle, interest, taxes, and insurance)</p><p>$1,000 to investments (this is outside of 401k, 529, IRA, Roth IRA, and general investments) </p><p>So a Total of $2,000 a month</p><p></p><p>Over 30 years, that $1,000 a month into investments can turn into a large number. Use a investment calculator and you can come out with $700,000 + (depends on what you can pay and 8% average return or better). The lower interest rate saving on a 15 year loan is nothing compared to the amount of money this can produce. Ran the numbers of doing a 15 year loan and then investing the entire amount into investements after paying off a 15 year mortgage, and I came up short by $100,000's of dollars. Long and steady wins this race vs shorter and a lot of money.</p></blockquote><p></p>
[QUOTE="SkinnyPedalRacing, post: 757168, member: 10436"] Interesting fact on paying off a house and investing: Buy a house that you can afford to pay off in 15 years, but get a 30 year loan from the bank. Example: House Payment - $1,000 a month for a 30 year loan, $2,000 for 15 year loan $1,000 to the bank (which covers principle, interest, taxes, and insurance) $1,000 to investments (this is outside of 401k, 529, IRA, Roth IRA, and general investments) So a Total of $2,000 a month Over 30 years, that $1,000 a month into investments can turn into a large number. Use a investment calculator and you can come out with $700,000 + (depends on what you can pay and 8% average return or better). The lower interest rate saving on a 15 year loan is nothing compared to the amount of money this can produce. Ran the numbers of doing a 15 year loan and then investing the entire amount into investements after paying off a 15 year mortgage, and I came up short by $100,000's of dollars. Long and steady wins this race vs shorter and a lot of money. [/QUOTE]
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