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The opportunity given by a 40 year mortgage to have a lesser payment is an attractive feature for most homebuyers. You might save a hundred dollars or less per month, but if you stick to the loan schedule and don’t pay it off early, you’ll pay for it in the end. You see, the interest rate is a bit higher, even with lower monthly payments – and you’ll end up paying $50,000 or more in interest alone above what you would pay for a 30 year mortgage. Some extra beer money is nice – but it won’t net you the kind of debt relief you might think, and 40 year mortgages tend to benefit the loan lenders over the borrower.
by Bleu_R on Dec 30, 2009 5:36 AM EST reply actions
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