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AZJonnie

(2,296 posts)

35. I refinanced during Covid. I already had a decent rate, think I lowered it by 1.25 or 1.5 percent

Sun Nov 9, 2025, 10:59 AM

Nov 9

but more importantly switched from 30 year to 15 year. Best financial move I ever made. Payment went up monthly of course, but only by about 18% all told. And I went from just under 1/3 of my payment going towards principal to just over 2/3 every month. Which is obvious that would happen if you halve the time and lower the rate but man it is so much more satisfying at the end of the year when the principal really feels like it's dropped. And of course that % drop in principal keeps increasing as the amount owed (and hence the % going to interest each month) decreases.

Back of napkin calculation is that during the first 5.5 years I owned the place, my balance reduced by not even a full 10% and in the 5 years since the refi, it's dropped like 27%.

What I'm saying is I can't even imagine how frustrating a 50 year mortgage would be to hold. Your payment is probably like 90-95% interest for many years I have to think.

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Donald Trump Proposing 50-Year Mortgages Sparks Backlash [View all] BumRushDaShow Nov 9 OP

30 years is hard enough............. Lovie777 Nov 9 #1

Biden suggested taxing the profits of REITs wolfie001 Nov 9 #4

That's not "affordability" -- that's lifetime debt service LSparkle Nov 9 #2

This will pass on mortgage debt to the children of homeowners . FalloutShelter Nov 9 #5

Do children inherit debt or do you mean they lose karynnj Nov 9 #29

Imagine being foreclosed on in year 49 TheFarseer Nov 9 #8

It's called renting. NotHardly Nov 9 #40

When I was posted to Germany in the early 90's, they had 100 year mortgages. OnlinePoker Nov 9 #3

Japan actually has 150-year mortgages! lastlib Nov 9 #48

As someone who spent 45 years working in real estate hamsterjill Nov 9 #6

I thought the same thing Hey Joe Nov 9 #25

"Oh well. That mortgage payment is still in the mail, right?" durablend Nov 9 #32

Bring back the FannyMae and FreddieMac mortgages FakeNoose Nov 9 #7

same here. mopinko Nov 9 #21

Get private equity out of residential ownership... EarthFirst Nov 9 #9

Canada tried 40 year mortgages briefly under Harper Fiendish Thingy Nov 9 #10

Increased demand, with probably little to no incentives to increase supply to meet that demand. paleotn Nov 9 #20

Indentured servants Puppyjive Nov 9 #11

Lifetime of indentured servitude to the corporate machines Javaman Nov 9 #12

Not to mention ten year car loans on top of that. Diamond_Dog Nov 9 #15

As long as you are in permanent debt Javaman Nov 9 #18

Indeed Hey Joe Nov 9 #27

Indeed it would👍 nt Javaman Nov 9 #42

Fiberboard Glue homes won't last 50 years. Renovation every 25 years. bucolic_frolic Nov 9 #13

$200k borrowed. 30 yr loan payment at 6% $1200. 50 yr. loan pmt $1052. $148 a month diff. twodogsbarking Nov 9 #14

And the amount of interest to be paid is MONSTROUS. lastlib Nov 9 #46

Exactly! This would be ruinous for most families FakeNoose Nov 9 #55

The interest is the devil for sure. That makes it hard to move when your current rate is below 3%. twodogsbarking Nov 9 #49

What's worse? mwooldri Nov 9 #16

Why is anyone surprised? He doesn't understand anything. He's a hateful dementia ridden moron. ChicagoTeamster Nov 9 #17

Years ago snowybirdie Nov 9 #19

i just want to point out, since a lot of ppl dont know, mopinko Nov 9 #22

This! paleotn Nov 9 #24

I am currently doing this. Prof. Toru Tanaka Nov 9 #28

I used this to pay a recent car loan, saved $10K in interest! lastlib Nov 9 #47

We did this ... SomewhereInTheMiddle Monday #64

Home financing ideas from a multi-bankrupt, debt hog. paleotn Nov 9 #23

What makes it more affordable Turbineguy Nov 9 #26

It's a FAKE MORTGAGE! You'll be 80 years old and still paying it off /nt bucolic_frolic Nov 9 #31

Trump will think of a way to shorten your life. Turbineguy Nov 9 #36

Step 1: 50-year mortgages. Step 2: Bluetus Nov 9 #30

will the bank reqjuire life insurance? rampartd Nov 9 #33

Banks will just repossess the house, sell it, and get another poor fool paying them a 50 year mortgage. nt SunSeeker Nov 9 #44

IIRC There are Mortgages that go to the deceased person's next of kin upon death in Europe. Jacson6 Nov 9 #34

I refinanced during Covid. I already had a decent rate, think I lowered it by 1.25 or 1.5 percent AZJonnie Nov 9 #35

50 year mortgage, ten year car payments, student loan debt, full medical premiums with no ACA help Diamond_Dog Nov 9 #37

Goes hand in hand with the new 7 year car loans. flvegan Nov 9 #38

When my husband taught middle school math Diamond_Dog Nov 9 #39

I would have guessed "American education" regardless of where this was posted. flvegan Nov 9 #45

While we're at it Devilsun Nov 9 #41

How about offering first time home buyers $25,000 toward their down payment, like Kamala did? SunSeeker Nov 9 #43

If that idea had turned into law, the 60 % of the country who don't have a thousand dollars for an emergency questionseverything Nov 9 #50

No they wouldn't, most don't pay federal taxes, which is how the down payments would be funded. SunSeeker Nov 9 #52

51,000 is considered the bottom of middle income questionseverything Nov 9 #53

I didn't insult you. You're the one throwing out "both sides" insults about the Democratic Party. nt SunSeeker Nov 9 #57

I'm pretty sure I get to decide if I'm insulted or not questionseverything Nov 9 #58

As do I. nt SunSeeker Nov 9 #61

Stupid fuk is proposing longer interest payments UpInArms Nov 9 #51

Mortgage Companies Deep State Witch Nov 9 #54

I'll take a 50yr mortgage fixed at 3% any day of the year. Buddyzbuddy Nov 9 #56

That's no deal, it would be cheaper to pay rent for your entire life FakeNoose Nov 9 #59

First, I understand and respect your perspective. Buddyzbuddy Monday #63

A basic new construction house is $250,000 plus questionseverything Nov 9 #60

But with harsher natural disasters: fire, flood, TommyT139 Nov 9 #62

This is another stupid trump idea LetMyPeopleVote Monday #65