I would do 10.
.5% savings for almost double payment is not worth it to me.
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At that small of an interest rate difference, I would do the 10 year, but pay as if it were 5. Five years is a long time to lock yourself into that much of a payment on paper (and affects your debt to income ratio).
This will allow you to pay it off in the same amount of time, but give you a bit of cushion if something unexpected comes up.
I did this with my car. The 3 year loan was not saving me much more than the 6 year loan was interest wise. I purchased my car in 2017 and it will be paid off in 4.5 more payments.
The monthly payment
60K @ 5.99% for 10 years $670.00 per month.
email@example.com% for 5 years $1,150.00 per month.
There is no early payment penalty
I am leaning towards the 10 year and paying extra each month
60K @ 5.99% for 10 years $670.00 per month = $80,400.00
firstname.lastname@example.org% for 5 years $1,150.00 per month = $69,000.00
I always tell people to think about taking the longer term & making extra payments for one simple reason. If money get's tight for some reason, you can drop down to the lower payment until things get back on track & it won't have a negative impact on your credit or finances.
If you take out the short term option, you're committed to that payment.