“But my parents said they paid their mortgage off faster and rates were as high as 11%.” ... "They were paying the equivalent of you paying $6500/month. Problem is, you are paying $2300, and you save nothing."

rf [likely a financial advisor] at VREAA 24 Nov 2010 8.08am – “When I advise a 40 year old couple that, if they take a 35 year mortgage, that just making the regular payments means they will have a mortgage until they are 75. Half of the time their eyes just glass over and they mumble that they still want to retire before 60.
“But my parents said they paid theirs’ off faster and rates were as high as 11%.” Sure, but rates went from 11% down to 4%, and the amortization was 25 years at most. They were paying the equivalent of you paying $6500/month. Problem is, you are paying $2300 and you save nothing. And how does an accelerated payment strategy work if rates go from 4% to 7%?”