g5000
Diamond Member
- Nov 26, 2011
- 138,680
- 90,381
- 2,605
Our billionaire president is not one of you, no matter what he says or how you feel. He just isn't.
Donald Trump does not know what it is to struggle. He was born into a life of privilege and had everything handed to him.
You would think a guy who brags about his real estate prowess would understand that record high home prices are a BAD thing. But he is so out of touch that as he left office in January 2021, Trump bragged that record high home prices were one of his greatest achievements.
During a recent interview by a MAGA media personality, Trump was asked what his solution to even higher home prices Americans are now facing, with the median age of first-time buyers at an astonishing 40 years old.
What did this billionaire who expressed no concern suggest?
50-year mortgages. He says you will have lower monthly payments that way. Golly gee! The man's a genius!
This is what happens when we elect those who have no clue how to fix a broken economy. They spend and overspend, trying to artificially juice GDP growth, brag about PROBLEMS as if they are GOOD things, and come up with "solutions" which cause more harm than good.
You know why Trump doesn't care about the cost of a house? Because he has an administration of billionaires, and he has billionaires making pilgrimages to kneel at his feet and offer him gold, frankincense, and myrrh.
Higher and higher home prices means higher and higher loans. This means higher profits for banks, realtors, brokers, venture capitalists, REITs, and Wall Street. Trump cares about their wallets and not at all about yours.
Let's do some math.
If you borrow $400,000 for a house at 4.5% interest for 30 years, your monthly payment (ignoring taxes and such) will be $2026.74.
If you borrow $400,000 for a house at 4.5% interest for 50 years, your monthly payment (ignoring taxes and such) will be $1677.56.
You're saving about $350 a month, right?
Sucker!
Over the course of the 30-year loan, you will pay $729,626.85 to the bank. On your $400,000 loan the bank nets a $329,626.85 profit.
Over the course of the 50-year loan, you will pay $1,006,535.44 to the bank. On your $400,000 loan the bank nets a $606,535.44 profit!
Now you may be thinking you won't actually live in that house for the next 50 years, so having a lower monthly payment is a win.
Here's the thing about amortization. In the beginning, most of your monthly payment goes toward the interest, and barely makes a ding in the principal.
The average home owner sells their house or refinances after 8 years.
After 8 years, the remaining principal balance on a $400,000 mortgage at 4.5% interest on a 30-year term will be approximately $309,600. You've knocked out almost a quarter of your principal.
After 8 years on a $400,000, 50-year mortgage at 4.5% interest, the remaining principal balance will be approximately $380,314.90. You still owe almost as much as you borrowed!
I keep telling you. Trump is retarded.
More and more of his supporters are catching on.
Trump calls 50-year mortgages no 'big deal' as right-wing conservatives balk
www.calculator.net
.
Donald Trump does not know what it is to struggle. He was born into a life of privilege and had everything handed to him.
You would think a guy who brags about his real estate prowess would understand that record high home prices are a BAD thing. But he is so out of touch that as he left office in January 2021, Trump bragged that record high home prices were one of his greatest achievements.
Trump Administration Accomplishments
- Home prices hit an all-time record high
During a recent interview by a MAGA media personality, Trump was asked what his solution to even higher home prices Americans are now facing, with the median age of first-time buyers at an astonishing 40 years old.
What did this billionaire who expressed no concern suggest?
50-year mortgages. He says you will have lower monthly payments that way. Golly gee! The man's a genius!
This is what happens when we elect those who have no clue how to fix a broken economy. They spend and overspend, trying to artificially juice GDP growth, brag about PROBLEMS as if they are GOOD things, and come up with "solutions" which cause more harm than good.
You know why Trump doesn't care about the cost of a house? Because he has an administration of billionaires, and he has billionaires making pilgrimages to kneel at his feet and offer him gold, frankincense, and myrrh.
Higher and higher home prices means higher and higher loans. This means higher profits for banks, realtors, brokers, venture capitalists, REITs, and Wall Street. Trump cares about their wallets and not at all about yours.
Let's do some math.
If you borrow $400,000 for a house at 4.5% interest for 30 years, your monthly payment (ignoring taxes and such) will be $2026.74.
If you borrow $400,000 for a house at 4.5% interest for 50 years, your monthly payment (ignoring taxes and such) will be $1677.56.
You're saving about $350 a month, right?
Sucker!
Over the course of the 30-year loan, you will pay $729,626.85 to the bank. On your $400,000 loan the bank nets a $329,626.85 profit.
Over the course of the 50-year loan, you will pay $1,006,535.44 to the bank. On your $400,000 loan the bank nets a $606,535.44 profit!
Now you may be thinking you won't actually live in that house for the next 50 years, so having a lower monthly payment is a win.
Here's the thing about amortization. In the beginning, most of your monthly payment goes toward the interest, and barely makes a ding in the principal.
The average home owner sells their house or refinances after 8 years.
After 8 years, the remaining principal balance on a $400,000 mortgage at 4.5% interest on a 30-year term will be approximately $309,600. You've knocked out almost a quarter of your principal.
After 8 years on a $400,000, 50-year mortgage at 4.5% interest, the remaining principal balance will be approximately $380,314.90. You still owe almost as much as you borrowed!
I keep telling you. Trump is retarded.
More and more of his supporters are catching on.
Trump calls 50-year mortgages no 'big deal' as right-wing conservatives balk
Mortgage Calculator
Free mortgage calculator to find monthly payment, total home ownership cost, and amortization schedule with options for taxes, PMI, HOA, and early payoff.
www.calculator.net
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