unfortunately, going to a 50 year mortgage does not reduce the monthly payments by nearly as much as one might imagine
Yup.
Like I said, running those pretend amortization tables?
Yowza. “Save” a hundred bucks on the payment and now you HAVE bought a million dollar home.
Well, not a “million dollar home”. Just a home that cost you cost a million dollars total :-)
But yes, as someone said - a 50 year mortgage doesn’t mean you necessarily stay in the place for 50 years.
Still, it’s not unlike these ridiculous car loans spanning 7 years now.... People need to do the math - or maybe learn to do the math - on such things.