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In Australia the Average mortgage loan term is over 30 years but the average duration before its paid out or refinanced is only 8 years. Id be more worried about the terms and conditions surrounding early payout and refinancing than the theoretical maximum term of the loan on paper because if they want to be truly predatory thats where it will be hiding.
Well, the USA has 96 month automobile loans and this kind of shit does not surprise me. None of the asswipes in DC are discussing the piss poor income distribution in the USA which leads to affordability and a decent middle class life. In 1789, the French were 100% correct.
Also, if the dealership is offering you 29% on a 7 year loan, please walk away. Stop giving in to that shit. It's better for you, and it's better for the rest of us.
I bought a fairly cheap house and paid it off as fast as I could.
Could I have made more by investing that money instead of shoving it into a mortgage? Maybe.
But you can't live in an investment account. When the markets take a shit, you don't lose a room from your house. And when it's paid off, your outgoings are basically food, electricity and internet.
Don't forget friggin property taxes
guess it's time to start planning my great-grandkids' mortgage payments now. gotta secure that intergenerational debt early.
Just more evidence that this administration gladly serves up the American people to wall street. I am not a particularly smart person, but even I know there is zero advantage for home buyers here. It ballons the cost of a home multifold. Since the American leaders are smarter than me, it means that they are proposing these financial slavery contracts ON PURPOSE, and their goal is to bleed away the last dollar from the average American. Didn't Elizabeth Warren warn this was going to happen?
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
Average age of a first time homebuyer is now over 40. Even at a reasonable interest rate, most buyers would die before they actually own the house.
As intended
Can't pass it on to your kids when the bank forecloses on it
Were not enough boomers taking them up in reverse mortgages?
Because that's where all my "generational" wealth went. "We can't take it with us Jimmy" though we did, in fact, take it from those who came before.
Late stage capitalism demands that you will own nothing.
I know someone living in the Netherlands (home of Lemmy.world!) that told me they had interest only mortgages that didn't pay toward the principal and that this was common over there. It seems like these new 50 year mortgages in the USA are a step going that same way. Anyone from that area confirm this?
At that point, the bank is buying the house, they're just renting it to you for a very cheap rate, with the stipulation that you're responsible for all of the maintenance and etc. The "purchase" is just you entering into a long-term rental agreement.
My favorite part of this whole 50 year mortgage thing is the shock that you'd pay like $1.7m for a $400k house over the 50 years while not batting an eye at paying $900k for a $400k house over 30. It's even funnier because houses don't have a set value, can change on a whim and have become a path to wealth instead of the necessity that is shelter.
The quality of the materials and the precision of the build has gone down while the prices rise, and everyone's like "oh this sucks, but the market".
So I did the math. A 30 year fixed and a 50 year fixed have a monthly payment difference of $1.
What the absolute fuck.
Because for the first lot of years you are paying basically 0 principal
A 50 year mortgage will be a lot like renting. Because the bank will own your shit until you die.
That's what we get for saying "why can't I get a mortgage when I pay more in rent just bc my credit is bad", the banks figured out how to rent properties to you.
Headline: Save 200 dollars a month with a 50 year mortgage over a 30 year!
Subtext: ... and end up paying double the interest to us for the benefit, and die before your loan is paid off so we get to take the house back from your corpse, sell it on the cheap to a corporate real-estate investment firm (that we have stock in) for just enough to cover the remaining mortgage balance. They'll turn your multi-generational family home into a shitty rental property or leave it empty to keep the rest of their rents high and your children get nothing cuz fuck em!
Bank workers are, at best, getting a small bonus when you sign that mortgage. Your fellow worker isn't the enemy.
I can't believe this is real.
Home ownership out of reach? No problem, just never own a home. Bing bang boom.
A 350k house assuming the national average on taxes and interest rates comes out to just shy of 1 million dollars. Over 650k in interest. The payment is $1700 which to put it in perspective my home was 260k at 2.8% interest and my payment is $1830 on a 30 year mortgage.