My partner and I are facing a dilemma about our new home purchase. We’re both 32 and make good money but can’t agree on the mortgage term. I’m leaning towards a 35-year mortgage to keep our monthly payments lower and maintain our current lifestyle. We could always make extra payments later when our income increases. My partner prefers a 25-year term to pay it off quicker even if it means cutting back now. They don’t like the idea of paying more interest or having a mortgage in our 60s. We’re childless and don’t plan on having kids. We’ve been saving a lot and living comfortably in our current place. The new house will significantly increase our monthly expenses. Has anyone been in a similar situation? How did you handle it? What are the pros and cons of each approach? Any advice for a couple trying to balance mortgage payments with lifestyle choices would be appreciated!
ive been there, went with the 35-yr option. no regrets! kept our lifestyle n made extra payments when we could. its all about flexibility. u never kno what life throws at ya. longer term = lower risk if sumthing happens to ur income. jus stay disciplined n youll be fine!
Have you considered a compromise? Maybe a 30-year mortgage with a plan to refinance later? It’s a middle ground that might satisfy both of you. What’s your biggest concern about the longer term? And how much would you have to cut back with the shorter one?