Ramsey Expert Calls Trump’s 50-Year Mortgage a ‘Horrible Idea’ — 3 Experts Weigh In

Core Insights - The average sales price of houses in the U.S. is $512,800, making homeownership challenging due to high mortgage payments [1] - President Trump's proposal for a 50-year mortgage is seen as a potential solution, but many experts, including Ken Coleman, criticize it as ineffective for addressing housing affordability [2][3] - The 50-year mortgage may benefit banks more than homeowners, as it results in only marginal savings on monthly payments while extending debt duration and increasing overall interest costs [3][4] Mortgage Comparisons - A 30-year fixed-rate mortgage has a typical interest rate of around 6.26%, while a 50-year mortgage would cost nearly double in interest charges compared to a 30-year loan [5][6] - Monthly payments for different mortgage terms are as follows: $2,038 for a 30-year loan, $1,891 for a 40-year loan, and $1,822 for a 50-year loan [7] - Total costs for a 30-year loan amount to $887,570 (including $487,570 in interest), while a 50-year loan totals $1,309,726 (including $909,728 in interest) [8]