No offense but I don't see a way to pay a $2k mortgage with no income. Either you get another job or you don't.
All the other benefits (inflation on loan etc) are the same for a 30 year. But you get way more equity, so you actually get something for the money you're putting in. If you're planning on investing the difference in monthly payments, you may get some value out of the 50 year scheme, but it doesn't sound like that's the plan.
Sound like you'd be better off to get a much cheaper house that you can easily pay off instead of a house you can barely afford with built-in expectation of losing your job and lower minum payments stretched out to 50 years and then forced to sell it anyway because you couldn't find the next job in time
I've been looking at houses with land that are under 200k, some under 150k, and they're not ratholes either. Essentially houses I can afford on my current salary, meaning that if I get the job I'm gunning for, I'll be able to easily afford the payments and still stock money away or invest it.
If I'm trying to make every penny count when I have no income, absolutely.
No offense but I don't see a way to pay a $2k mortgage with no income. Either you get another job or you don't.
All the other benefits (inflation on loan etc) are the same for a 30 year. But you get way more equity, so you actually get something for the money you're putting in. If you're planning on investing the difference in monthly payments, you may get some value out of the 50 year scheme, but it doesn't sound like that's the plan.
Sound like you'd be better off to get a much cheaper house that you can easily pay off instead of a house you can barely afford with built-in expectation of losing your job and lower minum payments stretched out to 50 years and then forced to sell it anyway because you couldn't find the next job in time
I've been looking at houses with land that are under 200k, some under 150k, and they're not ratholes either. Essentially houses I can afford on my current salary, meaning that if I get the job I'm gunning for, I'll be able to easily afford the payments and still stock money away or invest it.