The Trump administration is considering a 50-year mortgage plan amid a housing affordability crisis, but critics warn that it could exacerbate household debt.
  • pruwyben@discuss.tchncs.de
    211·
    1 day ago

    At the current prime rate of 7%, changing a loan from 30 years to 50 would reduce payments by less than 10%. Just a terrible idea.

    • dmention7@midwest.social
      11·
      1 day ago

      Shit, even at historic lows of 3% interest it only drops the monthly payment by about 25%, but increases the total cost of the loan by 80%.

      Its absolutely a terrible idea.