Dave Ramsey, financial expert, on Trump’s 50-year mortgage idea: “I’m assuming that President Trump actually understands the math”

President Donald Trump floated the idea of creating a 50-year mortgage back in November to help ease the cost of buying a home. However, the idea was quickly panned by financial experts like Dave Ramsey who didn’t mince words saying: “This is gonna fix America’s housing crisis? Oh, horse crap Trump!”

“That’s absolutely asinine and you know it! It’s ridiculous. I mean, come on!” he added. Ramsey did some back of the envelope calculations to show just how terrible the math of a 50-year mortgage would be for American homebuyers.

The numbers just don’t add up for a 50-year mortgage

“The difference in a 50-year mortgage and a 30-year mortgage […] you think it would be almost half, but it is only 16% less. So, your payment on a 50-year, on a half million is $2,200. On a 30-year is $2,600,” Ramsey pointed out. “You save a whole $300 by going into debt an extra 20 freaking years.”

“President Trump actually realizes, I suppose, because he’s a math guy and a real estate guy, that the difference in a 50-year mortgage and a 30-year mortgage is more about looking like he did something to help people than the math is. This is a political stunt by President Trump,” the financial expert said.

“If he actually knows what’s going on. Otherwise it’s an ignorant stunt by President Trump,” he added. “You’re not saving anything by taking out a 50-year mortgage. Sorry President Trump. Bogus move.”

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