zeberifo1 wrote:
The terms matter too.
5.88% was for a 12 year loan.
5.65% for a 10 year loan. Credit union...
Keep in mind that you reduce the
effective rate you are paying if you pre-pay the loan with additional principal payments along the way. Send in a few hundred $ with each payment on the longer-term loan, and you will end up paying a lower effective rate, along with having a lower minimum payment, in case things go wrong for you financially. I am typically in favor of long-term loans with low payments unless there is a REALLY big interest savings in a shorter term loan.
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