Will You Die Before You Own Your Home Outright?
According to Realtor.com calculations, a buyer purchasing a $400,000 home with 10% down at the current 30-year rate of 6.25% would pay about $250 less per month under a 50-year mortgage.
But the trade-off is steep. Over the life of the 50-year loan, total interest payments would reach $816,396, compared to $438,156 for the 30-year loan—a difference of $378,240, or 86% more interest overall.
Meanwhile, the 30-year borrower would have $42,308 more equity, equal to 10.6% of the home’s value.
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