03Aug2006
Dan Green
Author
Dan Green
Filed Under
Mortgage Products

Comparing Principal Paydown Schedules For 30-Year, 40-Year, and 50-Year Mortgages

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In reference to 50-year mortgages, here is a quick amortization schedule comparing 30-year, 40-year and 50-year mortgages.

  • After 30 years, a 30-year mortgage term is paid in full
  • After 30 years, a 40-year mortgage term has 57% of the original borrowed amount remaining
  • After 30 years, a 50-year mortgage term has 81% of the original borrowed amount remaining

Of course, it's not all bad news for longer-term mortgages. 

Because a greater percentage of payment is going towards mortgage interest, tax deductibility is highest for holders of 50-year mortgages over the first 30 years, followed by holders of 40-year mortgages, and then 30-year mortgage holders.

Dan Green
Author
Dan Green

About the Author

Dan Green (NMLS #227607) is an active loan officer with Waterstone Mortgage. Email Dan ator call 513-443-2020.

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