Let's dig into a 50 vs 30 year mortgage using a financial calculator

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50 Year__________________________________________ 30 Year

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Purchase price $420,000_________________________ $420,000

Down Payment $42,000__________________________ $42,000

Mortgage Amount $378,000______________________ $378,000

Number of months 600___________________________ 360

Interest Rate 7%__________________________________ 7%

Monthly payment $2,274.38_______________________ $2,514.84

👉Total Interest $986,642____________________________ $527,346

👉Interest after 8 Years $209,598_____________________ $201,844

I did this over 8 years because the norm is, people churn out of their financing every 8 to 10 years for various reasons.

I realize that if the 50 year carries a higher interest rate then the whole thing blows up!

So, to save $240 a month is it all worth it?

Please drop a comment below.

(After typing this and calculating this manually I could have had AI Spit this out in 20 seconds) Damn!😆

6 comments

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