50 Year Mortgage versus a 30 year mortgage - Let's break down the numbers in interest to be paid to the bank

🚨 A 50-Year Mortgage? Let's Talk About the REAL Cost.

You've probably heard the buzz... they're floating the idea of a 50-year mortgage. 🤯

The immediate reaction? "Wow, a lower payment!"

But like anything that sounds too good to be true, you must apply critical thinking. I did the math using a real Santa Clarita home example, and the results are shocking.

Let's look at the numbers on a $680,000 loan:

30-Year Loan: Your payment is ~$4,298/mo.50-Year Loan: Your payment is ~$3,833/mo.

That's a $465 monthly savings. For many families in the SCV, that's a significant difference.

But here is the trap. 🪤

Total interest paid over 30 years: $867,000Total interest paid over 50 years: $1,620,000

That's $752,000 MORE you're paying to the bank... just for the "privilege" of that lower monthly payment.

As I say in the video, a 50-year loan means you're building equity with a spoon 🥄, not a shovel 🏗️.

In my new 5-minute video, I break down:

The amortization math (who really wins).The rare cases where it might make sense.A fun angle: How does AI and the idea of longer lifespans change this (or does it)?

Don't fall for the seductive, low payment. Banks love this idea because they want you in "interest mode" forever. Wealth is built by getting out of interest mode.

Watch the full breakdown here: 🔗 https://www.loom.com/share/78015b1ac8c0470da7faaaa45efa8afa

Ready to talk about a smart real estate strategy? 🏡 See Every Home for Sale: SantaClaritaOpenHouses.com 💰 Thinking of Selling? Get your instant, no-obligation net sheet: HonorSold.com 🗓️ Book a Free Strategy Call: zoommescv.com

I'm Connor with Honor. Let's build real wealth.

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From first responder to real estate expert, Connor with Honor brings honesty and integrity to your Santa Clarita home buying or selling journey. Subscribe to my YouTube channel for valuable tips, local market trends, and a glimpse into the Santa Clarita lifestyle.

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