Here is Grok’s answer to my question of the payment difference between the current average US mortgage ($375,000) and interest rates (6.15% for 30 years and 6.5% for 50 years).
Total Interest Difference:
The 50-year mortgage results in $480,334.80 more in interest ($926,970.00 – $446,635.20) due to the longer term and slightly higher rate. This is over double the interest of the 30-year loan.
Monthly Payment Trade-Off:
The 50-year loan lowers the monthly payment by $112.37 ($2,282.32 – $2,169.95), making it more affordable short-term but significantly costlier overall.
Interest Burden:
For the 30-year loan, interest is ~119% of the principal ($446,635 ÷ $375,000). For the 50-year loan, it’s ~247% ($926,970 ÷ $375,000), meaning you pay nearly 2.5 times the borrowed amount in interest alone.
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Are we this stupid?
3 responses to “Trump’s 50 Year Mortgage”
Are we this stupid? Of course we are. EVERYTHING is presented as a monthly payment cost, NOT a final cost anymore. NO air conditioning company will talk about real prices, just how little it costs per month. Car loans are now regularly 72 months when 60 was shocking a few decades ago. Now they do used car loans. When I got my first car, NOBODY loaned you money for a used car. Debt is the currency of slaves.
It will effect everyone because it only takes a few to raise the price/cost for everyone else.
A 50-year mortgage amounts to you RENTING your home from the bank.
Generational Debt = A Boneheaded Move.
Wanna actually HELP new home buyers, DJT? Then get the fkn interest rate below 3%.
Instead, you’d rather help your bankster friends wring 50 years of blood out of our stones.
Thanks a bunch!