Updated about 13 years ago on . Most recent reply
Carrying real estate debt
We are about to begin the process of purchasing our first home and I was hoping for some insight into the pros and cons of getting a 15 yr fixed mortgage with the following scenarios: 1) minimum down payment, and make minimum monthly payment vs 2) put significant down payment and pay off the house in 5 yrs by putting an extra 500$ toward monthly payments. We would be selling in 5 years, and we make good incomes, so I thought carrying some debt make be beneficial. Thanks for any input.