15 or 30 Year Mortgage?
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 22 December 2020
⏱️ 9 minutes
🧾️ Download transcript
Summary
You're in the early stages of planning your dream home and one of the many decisions you'll need to make is whether to take out a 15 or 30 year mortgage?
Have a money question? Email me here.
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Transcript
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| 0:00.0 | Welcome to the Jill on Money podcast. It is Tuesday, December 22nd. And yep, time's a ticking. I feel like it's such a weird week that I don't even know why I keep saying time's ticking. Time's been ticking for a long time. It's like this crazy COVID pandemic, 10 months into this, |
| 0:22.2 | maybe four or five months to go, ish. I just found out one of my neighbors who is a nurse |
| 0:29.9 | was inoculated on the second day. He was walking around pretty happy, I presume. But we're all |
| 0:36.9 | going to be inoculated soon and then we're going to be safe and then things are going to get back to normal. And I know we all cannot wait for that. In the meantime, if you have all this extra time on your hands and you are trying to figure out what to do with your financial life, we encourage you to contact us. Let us help you through the process. |
| 0:54.9 | Send us an email. |
| 0:57.6 | Ask jill at jillonmoney.com. |
| 1:00.6 | Ask jill at jill onmoney.com. |
| 1:04.7 | And if you would like to join us on the program, let us know that as well. |
| 1:06.4 | That is what Tony did. |
| 1:10.1 | Tony is on the line from Western New York. |
| 1:13.0 | Tony, a Buffalo Bills fan. |
| 1:19.3 | And congratulations, I hope, because as we record this, the Buffalo Bills are looking in decent shape. |
| 1:21.2 | You feeling positive about your bills? |
| 1:22.2 | Go Bills. |
| 1:23.4 | Go Bills. |
| 1:23.8 | All right. |
| 1:26.6 | Tell me what's going on and how we can help you out. |
| 1:36.7 | I'm 45, soon to be 46. My wife is a few years younger, 44. We have two children. We are looking to build our quote unquote dream home. |
| 1:49.3 | The situation is we currently own our home. We are debt free. We make about 125-ish. We put about 26% of our income towards retirement. That's Roth. We own our own business. So we participate in a simple IRA, |
| 1:54.7 | and we're contributing to our children's 529 plans. All right. That sounds good. We are looking to build a home. |
| 2:02.6 | When everything's all said and done, we're looking at about $525,000 with putting it down |
| 2:10.6 | about $300,000. |
... |
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