For a VA loan, should I do a 15 year term or get a 30 year term and do double payments?

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For a VA loan, should I do a 15 year term or get a 30 year term and do double payments?

Question: For a VA loan, should I do a 15 year term,…

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Question:

For a VA loan, should I do a 15 year term, or a 30 year term, and just double up the payments?

Answer:

It really depends on what you are trying to optimize for: cost or flexibility. On one hand, the 15 year term should come with a lower rate so it wins cost-wise, BUT the 30 year term comes with more flexibility because you could stop making those double payments if stuff ever hit the fan.

I’m a girl that’s always on the move so I value flexibility over a smidge of short-term savings, so I would do the 30 year term, and double the payments. I’d recommend looking at exactly how much the interest savings would be each month before making the call though because a smidge of savings can easily turn into a heap depending on the rate difference!


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