A 40-year mortgage might help some borrowers handle home-price inflation, but there are costs that accompany the benefits. We are walking you through various home loans.
The lower monthly payments might help some borrowers handle home-price inflation, but there are costs that accompany the benefits.A lower monthly payment is the obvious advantage to a longer-term loan. But let’s take a look at a comparison of different loan terms.
First, the St. Louis Fed’s most recent estimate for the median U.S. home-sale price was $408,100 as of Jan. 26. That’s important to help illustrate the differences of loan terms.We’ll compare 30-year and 15-year fixed rate mortgage loans to a hypothetical 40-year loan. And according to Freddie Mac’s survey for the week ended March 31, 2022, the average interest rate for a 30-year loan was 4.67% and the average for a 15-year loan was 3.83%.
We’ll use the same interest rate as a 30-year loan for the 40-year loan since no average currently exists for the latter.
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