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The average rate on a 30-year U.S. mortgage is 6.22 percent, according to Freddie Mac. With that interest rate on a $200,000 home with a 20 percent down payment, Fannie Mae calculated that homeowners would pay $1,143 monthly on a 50-year mortgage compared to paying $1,257 on a 30-year mortgage.
$114 difference. That’s sure to make houses more affordable and not just drive up the profits of banks!
Plus, for a 400k house, total payments over 30 years at 6% is like $850k. Over 50 years that goes to ~1.3 million