brought to you by the every dollar app start budgeting for free today let's talk about the 50 year

elephant in the room shall we so over the weekend here's the actual truth of what happened

president trump shared a photo that's now making headlines and it showed fDR the president who

helped create the 30 year mortgage after world war two next to trump and it said FDR, the president who helped create the 30-year mortgage after World War II, next to Trump,

and it said great presidents as the headline.

And his modern version was the 50-year mortgage under Trump's face.

And the idea reportedly came from a meeting at Mar-a-Lago where Bill Pulte, who's now the head of the Federal Housing Finance Agency,

presented the proposal on a poster board. So he made a little arts and crafts. He shows it to the president. He liked it enough to post it on truth social. And now the FHFA says they're, quote, working on it. That's all it takes, guys. You bring him a poster board with a nice picture. He goes, let's do that. That sounds fun. And what am I having for

dessert at Mar-a-Lago? So the stated goal here is to make housing more affordable, in quotes. That's not what

this does. The 50-year mortgage does not make homes cheaper. In fact, it makes the housing crisis

into a dumpster fire. And let's walk through the reasons why this is. Number one, the math doesn't work

here. Let's look at the numbers that have been thrown out there. We're going to take a $450,000 home

as the example. A 30-year mortgage at 6.25%, about $2,700 a month, total interest paid over those 30

years, $547,000. Not great, remember, on a $450,000 home.

But now let's look at a 50-year mortgage. And to keep it apples to apples, I'll even give you the

same exact interest rate at 6.25, which is not going to happen because this is a much risk of your

loan, so banks are going to charge more for it. But let's just say it's the same interest rate.

Well, your payment now becomes 2450 a month.

So you're saving 300 bucks at best with this loan?

Total interest, this is the kicker, over a million dollars in interest alone on a $450,000 house.

Do you understand how insane that is?

Now, in reality, lenders would charge that higher rate on a 50 year because it's riskier, at least 1% more,

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