I would rather eat my own children than sell them out to the future the banks have in mind.
These people have abandoned humanity.
this post was submitted on 12 Nov 2025
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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.
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.
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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.
With this math I just acquired a 10 year fixed for $1 more per month.
Because for the first lot of years you are paying basically 0 principal
I owned my first house for 19 years, which was purchased in the fall of 2006. We sold it for the exact same price as we paid for it, and barely came out ahead. I know it was poor timing, but the idea of leaving a home and using it as part of your retirement income is a lie. The banks are laughing all the way to the bank.
Median home prices peaked at $216,000 in August 2006. The lowest they've been in 2025 is $414,000. You had some absolutely atrocious luck. You buy in Detroit or something?
Not who you responded to but it depends entirely on the location. In the northeast there is decent and consistent appreciation and there has been for decades because it has always been populated. But home appreciation over 20, 30, or 50 years will struggle to beat the S&P500. Factor in property taxes and upkeep and you may just barely keep up with inflation. Just from inflation $216k in 06 would be $358k in 2025. As an asset its primary function is being a store of wealth that happens to be the roof on your head, something you can refinance to borrow money, and something to sell basically to pay for whatever you downgrade to when you enter the stage of preparing for death, whether it’s a condo or a nursing home.
All the money to be made comes from buying in bulk and renting out to people who cannot afford because everyone bought to rent out, while local government restricts supply through zoning because it would lower property values of everyone who only had their house as retirement because wages have not kept up with productivity or inflation and pensions and unions have been gutted.
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What?
Some random numbers that are of course VERY variable, but I just ran the calcs with 400k, 5% down, 6% APR for 30 and 50 years
$2648 for 30 years $2369 for 50
Now that is of course not a great deal, presumably you'd also get a little better rate for the longer loan (more points) but it's not a dollar.
Edit: wait you'll get a better rate for the shorter term loan, so this will probably further close the gap. Still not to $1 surely
Don't forget that on top of all of that you have to pay property taxes.
The calc I used for that number put $3k property tax annually amortized, good call
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I just question if the 50 is getting the same rate as the 30. Obviously, all else equal, math is math. Banks see that $300 savings as a potential extra $150 a month.
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Why would anyone take one out in that case then? You can always overpay and pay it off sooner though.
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.
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The year I turned 40, was the year I moved into my first non-rental property.
I'm living proof that shit is fucked up
I'm a couple of years older and JUST escaped renting. It's ridiculous!
I'm turning 40 in a few days. I finally moved into a crazy beat-up fixer-upper/possible crime scene about 3 weeks ago.
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?
Screw .world
you....realize thats not only where this Lemmy Community is...but also your user account, right?
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.
Without the benefit of renting. Hell don't forget home insurance.
It an overall bad deal in my mind, but there are some upsides (not enough for me to take it). Assuming you get a fixed rate, you lock in your payment and your "rent"/mortgage will decline over time just from inflation eating away at it. I think most folks would love to have their rent decline by 3% every year. This effectively does that.
Additionally, if you are the homeowner instead of the renter, if the real estate increases in value, when you sell, you pocket the increase. There's nothing like that in renting.
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I'm Dutch, just bought a home, and I've never heard of that.
Edit: I think that is called an "aflossingsvrije" mortage, banks stopped providing those after 2008 for obvious reasons.
Eidt 2: Apparently it still exists, but can no longer be used to finance an entire house. From my research it is often still possible for up to 50% of a house's value. It was also not an option in the way we bought our house.
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So why do houses exist if nobody can have one?
Decoration/stepping stones toward getting a hotel.
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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".
At least cars are considered a valid housing choice these days, which is why car prices are rising.
Honestly, I thought it is actually not allowed in a lot of states to live in your car.
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Like stocks, and art, they're only as valuable as what people will pay for them.
If you want a shelter, you can use sticks and leaves in the forest and build something halfway decent at least. If you want a building to call your home, pay up dickhead.
Meanwhile, people who should be buying are renting, people who should be renting are in airbnbs or living in their cars, and the family dwellings are owned either by some jerkwad who wanted an income property, or a corporation that just felt like owning more land because they could.
I'm so proud of our society. Such progress! Capitalism is great!
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I can't believe this is real.
Home ownership out of reach? No problem, just never own a home. Bing bang boom.
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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!
We laugh at this, but the older generations still remember when the mortgage interest was this high. I don't know where you guys are from, but there is an old news reel from the 1970s here in Ireland when young families at the time complained of "high" house prices of up to 72,000 pounds, with mortgage interest of 14%. The folks on social media had their jaws dropped on learning of how high the interest rate was, but how cheap the overall property value was back then. Now how much are those said houses at the moment? They are now worth between €690,000 to €1.5 million. High valuation but the interest rate is down in proportion. In any case, only few could afford to buy houses these days due to inflation and wages haven't kept up with it.
They actually ended up getting married after that hug.
Which couple?
Yes.
Anybody who believes a 50 year mortgage is a good idea, does not understand discount rates....
Discount rates are one of my favorite things. But pretend I'm one of those dumbasses who didn't do the reading...? What would you say to really put those fuckers in their place!?
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A mortgage that lasts longer than your career is how you build generational debt.