>>520926430
>Average 15 year interest rate is 5.7%
>Average 30 year interest rate is 6.3%
Let's err on the low end and say the average 50 year rate will be 6.9%. Let's also round down the average home price to an even $350k and toss in a down payment of $70k.
>30 year monthly price = $1733 a month
>50 year monthly price = $1663 a month
The 30 year mortgage ends up costing you $623,880 while the 50 year costs you $997,800.
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