Name: Does a 50-year mortgage make sense in New Jersey?
Uploaded: 2025-11-12T08:49:39.392Z
Duration: 2 min 21 s
Description: Some in the Trump administration hope a 50-year-mortgage option could help lower that age as the barriers for home ownership rise - especially in New Jersey.

Some in the Trump administration hope a 50-year-mortgage option could help lower that age as the barriers for home ownership rise - especially in New Jersey.

New Jersey

Affordability and rising housing costs are significant concerns for New Jersey residents, with the average age of first-time homebuyers now at 40. A proposed 50-year mortgage aims to lower monthly payments and make homeownership more accessible, but experts caution that it could result in much higher total interest payments over the life of the loan.

Using a $560,000 average home price and a 10% down payment, a 50-year mortgage would reduce monthly payments by about $350 compared to a 30-year loan, assuming equal interest rates. However, the slower equity build-up and total interest paid—potentially $700,000—mean buyers would pay significantly more in the long run.

Does a 50-year mortgage make sense in New Jersey?

on the minds of many, affordability and housing costs. The average age of a first-time home buyer has actually climbed to 40 years old now, according to the National Association of Realtors. Now, one proposal to lower that age is a 50-year mortgage. News 12 New Jersey's Tom Krasnowski asked a local expert how much this would cost an average New Jerseyan. A young couple has to earn at least a couple hundred thousand dollars a year to get into the housing market today. The barriers for home ownership are rising, especially in New Jersey. Vice President of Mortgage Lending, Mark Yesey, says high interest rates, a housing shortage, and incessant demand keep New Jersey's prices above market. Especially in North Jersey, where I do most of my business, there's still an inventory, there's inventory constraints. The Trump administration recently proposed a 50-year mortgage as a way to make housing more accessible for young buyers. But does it make sense in the New Jersey home economy? Zillow lists the average price for a home in New Jersey just over $560,000. That's the figure that we used when talking with Mark. We also used a 10% down payment. That'll put you at $56,000 up front, and you've still got decades of mortgage to go. But what are your options there? Well, first, let's try the 30-year mortgage, the standard we've had for many years, using Mark's data and expertise. He said the average price there for principal and interest, about $3,750 per month. Okay, not bad for the average house. But if you try that 50-year mortgage, and you have the same interest rates, that's the key here, it'll actually be about $350 less per month, 3,400 for that same average New Jersey home. But those savings drop as the interest rates rise. Unlike a renter, a 50-year mortgage does build equity, but much slower than a 15- or 30-year mortgage. And if it took all 50 years to pay off that loan, that interest payment might as well buy another house. Over the life of the loan would be about $700,000. The 50-year mortgage, short-term savings, but a higher overall cost for the New Jersey homebuyer. Tom Krasnowski, News 12 New Jersey.

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