On 12 Aug 2003 21:01:25 -0700, someone wrote:

...But what about going for 5/1 ARM based on 40 years?
Al

How much lower could the payments be? In the 1st few years of a 30
year loan, the payments are nearly all interest anyway, hard to see
that there would be much room to save much if the rate on the longer
loan is higher.

Check an amortization table, see what the difference in your equity
would be after 5 years, decide if this is worth the minimal difference
in payments.

Is this the mortgage broker pushing the longer loan? What is his
commission on the 40 yr vs. the 30 yr?

-v.