Gen Xer Says 'I Did The Math' And On A 50-Year Mortgage You'll Pay $1.7 Million For a $480K House — 'This Is Insanity. Don't Let Your Children Sign Up.'

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President Trump conscionable floated thing that's got a batch of Americans doing back-of-the-napkin mathematics — and not liking what they see.

On November 8, helium posted a graphic to Truth Social showing himself and Franklin D. Roosevelt broadside by side. Under FDR: "30-year mortgage." Under Trump: "50-year mortgage." That was it. But the connection was large and wide — agelong the owe word to 50 years, and possibly buyers tin yet spend a location again.

Director of the Federal Housing Finance Agency Bill Pulte reposted the representation connected X and added, "Thanks to President Trump, we are so moving connected The 50 Year Mortgage — a implicit crippled changer."

Naturally, the net had questions. And wherever bash Americans spell erstwhile they privation existent answers? Reddit.

In a station titled "50 twelvemonth mortgage? I did the math..." a Gen Xer ran the numbers connected a $480,000 owe astatine 7%. The breakdown was brutal:

"The borrower volition lone person 10% equity aft 20 years. Over those 20 years, they volition person paid $647,249 successful interest. Over the afloat 50 years, they volition person paid $1,252,862 successful interest. All together, they volition person paid $1,732,863 for a $480,000 house."

The last enactment of the station deed a nerve:

"This is insanity. Do not fto your children motion up for this!"

In response, 1 idiosyncratic wrote, "My children? I americium inactive trying to bargain a damn house." Another added, "You'd person to bargain a location astatine 20 to wage it disconnected by 70. F— that."

Some accused banks and lenders of dangling affordability conscionable to fastener buyers into generational debt. One summed it up arsenic "a rent-to-own scam wherever you besides wage the taxes and hole the roof."

A fewer users tried to play devil's advocate. They noted that a 50-year owe mightiness little the monthly outgo by astir $150 compared to a 30-year word — not insignificant for strapped buyers. But adjacent those users admitted the wide involvement paid would balloon, and equity would physique painfully slow. As 1 idiosyncratic enactment it, "The slope collects for 20 years, and you locomotion distant with hardly anything."

Others raised just questions. Would lenders truly connection these loans broadly? What happens if the borrower dies earlier twelvemonth 50? Would their children inherit the location — oregon the debt? No 1 has answers, and truthful far, the thought is conscionable that: a vague outline floated by President Trump, reposted by 1 of his lodging officials, with nary authorities oregon good people successful sight.