1/15    Anyone know if mortgages come in terms other than 15 and 30 year?
        \_ Yes, they do.
        \_ Yes, you can get a mortgage in almost any term from 1 to 30 years.
            \_ URL?  From any bank?
               \_ Yes.  Pick your poison.
        \_ I don't know, but say if you want a 23-year fixed mortgage, you can
           get a 30-year fixed mortgage and then make a constant prepayment
           every month and pay it off in 23 years.  --- yuen
           \_ I can't explain why, but the spread sheets i've played around
              with show this to be a losing manuever.  E.g. if you take a 30
              year fixed loan at 6 % and prepay such that you are making
              EXACTLY the same payments as you would be if you had gotten a
              15 year 6%, you don't end up paying off the loan for like 19
              years!  That's a pretty huge difference.
              \_ Your spreasheet is wrong.  I checked with the amortization
                 calculator on E-LOAN (http://csua.org/u/808 and you'll indeed
                 pay it off in 15 years.  I know this calculator is correct
                 because when I plug in my numbers it matches with my mortgage
                 statements from the bank.  The only other thing to consider is
                 whether or not there's a prepayment penalty, but even that
                 shouldn't make a difference of 4 years.  Most loans nowadays
                 don't have the penalty anyway.  --- yuen