Deciding on 10 or 15 Year for Refinance


Dear Dr. Don,

My husband and I are refinancing our home. We can’t decide between a 10-year or 15-year mortgage. We can afford either loan term with a refinance. As of this writing, rates currently are 3.49% for the 10-year mortgage and 3.59% for the 15-year mortgage. Is it better to take the 15-year with a slightly lower payment and higher interest and make extra payments toward the principal? We are in our 50s and are not sure when we will retire.

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