If I knew we would have it paid off in 5 or even 7 years, then I would think it's a better deal. Right now we have a very good rate and a term that we can easily handle. Fixed rate for us. And a plan to pay it off in 10 years by adding more to each payment.
Anybody remember the Carter administration - I was only a little girl - but I still remember my dad worrying about high interest rates. Home loan interest was 4 or 5 times what it is today. I'm not going to worry over 3.5%. Hubby has a good plan and I will wait until rates crash fall below 2.5% fixed to talk about a refi
With an interest rate of 3.5%, that's such cheap money that you may want to consider taking the full 15 years to pay off the loan and put that money that would have gone towards extra payments somewhere else where it might earn more money, such as a retirement account. I wouldn't rush to pay off a loan at 3.5%.
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