When your mortgage is over the hill

Yep, some of 40 year mortgages currently being handed out will simultaneously go over the hill and expire sometime around 2048. And what do 40 year mortgage holders save over a 30 year? Not a lot. You’re saving $100 a month on a $200,000 loan. It’s not like the difference between a 5 and 10 year mortgage or even a 10 and 30 year. My Money Blog charted up the numbers:

Source: My Money Blog

I’m not saying what kind of mortgage people should or shouldn’t get, I’m just saying that 40 year mortgages usually seem unwise to me.