Will a 30-year fixed rate mortgage be cheaper than an adjustable rate mortgage for me?
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At some point in the next couple months, I will write down what I think is the best 30-year fixed rate mortgage (FRM) and best adjustable-rate mortgage (ARM) available to me.
- The ARM may be 5/7/10 year initial period, with a 30 year loan term - I will choose just the one specific ARM that I think is best at this time.
- Then, over the course of owning the home, I will track the actual cost of the mortgage I choose, and the counterfactual cost I would have had on the other mortgage.
- I will resolve based on which of them would have been cheaper overall in the end - resolves YES if the 30-year FRM is cheaper, NO if the ARM is cheaper.
- The cost calculation will include the mortgage payments as well as opportunity cost and refinancing opportunities.
- Would love to hear your insights in the comments.
