• Hufschmid@sopuli.xyz
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    2 hours ago

    30 vs 50 year mortgage at 6.25% interest rate on a $450,000 home:

    30 year: $2771 per month and pay $547,000 in interest over loan duration ($997,000 total)

    50 year: $2452 per month and pay $1,020,000 in interest over loan duration ($1.47 million total)

    So for the extra cost of $319 a month ($114,000 over 30 years), you can save $473,000 by going with the 30 year loan, and be done 20 years sooner.

    Sourced initial figures from this cnn article: https://www.cnn.com/2025/11/11/business/fifty-year-mortgage