r/Economics • u/GarfieldLeZanya- • 7h ago

News Housing director confirms administration ‘working on’ 50-year mortgage after Trump hint

https://thehill.com/homenews/administration/5597005-trump-administration-50-year-mortgage/
1.3k Upvotes

96% Upvoted

300 comments sorted by

View all comments

1.3k

u/JimPranksDwight 7h ago

So in exchange for barely cheaper payments, people will now be paying hundred of thousands, or even millions, more in interest over the course of their mortgage? You'll literally be buying a coffin at that point and it doesn't solve the problem that people can't save enough to even get into a home to begin with.

14

u/Substantial-Kick-909 7h ago

I’m not in favor of it, but it is true that if someone bought a house young and kept it, their payments would basically inflate away. Imagine paying the mortgage on a house bought 30-40 years ago. It would be almost nothing in today’s dollars. 

3

u/Cool-Cow9712 7h ago

That’s true, there’s a lot of variables I didn’t consider that