Did you know:
- 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 for the holders of longer-term mortgages — the mortgage interest tax deductions are higher of the holders of 40- and 50-year mortgage holders over the first 30 years.