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Looking into purchasing duplex, what type of loan should I take, what % should I put down?

Aug 2 2011 10:00pm#1 (permalink)

petmeadow

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Avatar for petmeadow		I'm looking at purchasing a duplex. I would live in one half and rent the other. I'm wondering what type of fixed rate loan makes the most sense (15yr, 20yr, or 30yr). I'm confident that I could afford the payments for each type loan (although a 15yr could be risky if I lose my job or something). Im also wondering how much do put down for a down payment. I could put up to 40% down.

My initial thought would be to put a lot down and take a 15 year loan so that the property is paid off asap.

However, I wonder if there are financial advantages (tax deductions from interest) that might make me want to consider putting less money down and taking a 30yr loan. If I put less money down and a 30yr loan, I could save money and invest it elsewhere. What are your thoughts?

In about 7 years, I'll probably be looking into buying a single family house. Should I sell the duplex then, or just rent out the other side?

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