A 6% 30-year mortgage on a $500k loan leaves the borrower paying $579k in interest over the life of the loan.
A 6% 50-year mortgage on a $500k loan leaves the borrower paying $815k in interest over the same 30-year period AND THEY STILL OWE $367k IN PRINCIPAL
A 6% 30-year mortgage on a $500k loan leaves the borrower paying $579k in interest over the life of the loan.
A 6% 50-year mortgage on a $500k loan leaves the borrower paying $815k in interest over the same 30-year period AND THEY STILL OWE $367k IN PRINCIPAL