50 Year Mortgage – Lower Payments or Lifetime Debt?

50 Year Mortgage – Lower Payments or Lifetime Debt?

What if your home loan lasted fifty years instead of the usual thirty? Could a 50-year mortgage make my dream home affordable or would it trap me in debt for life? In this video, I break down what a 50-year mortgage is, how it compares to the traditional 30-year mortgage, and whether stretching a home loan over five decades actually makes sense.

One of the most common questions I get is will a 50-year mortgage lower my monthly payments and is it worth it. While a longer term can reduce monthly payments, it also means paying much more in interest and building equity much slower. For example, on a $400,000 loan at around 6.5 percent interest, the monthly payment could drop from about $2,528 for a 30-year mortgage to around $2,255 for a 50-year mortgage. But the total interest could go up from about $510,000 to $953,000 and equity after ten years could be only $21,636 compared to $81,571 on a 30-year loan.

I explain who might benefit from a 50-year mortgage and where it could be risky. If you are thinking about buying a home, understanding the potential benefits and risks of a 50-year mortgage is very important. Could it ever make sense or is the extra cost too high? Let me know what you think in the comments below.

📞 Contact Jarett Richards at 949-405-4455
Luxury Coastal Real Estate | Newport Beach
📍 Based in Orange County, CA
🌐 Website: www.JarettRichards.com
📩 Email: [email protected]
📱 Instagram: @jarett.richards DRE#02204462

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