The Daily Show brutally roasts Trumps plans for a 50-year mortgage
In a recent post on Truth Social and during an interview with Fox News, former President Donald Trump proposed the idea of implementing 50-year mortgages in the United States, claiming that such a measure could enhance home affordability for Americans. Trump’s suggestion comes amid ongoing discussions about the challenges many face in entering the housing market, especially with rising interest rates and home prices. By extending the mortgage term to 50 years, Trump argues that monthly payments could be significantly reduced, making it easier for potential homeowners to manage their finances.
However, this proposal has drawn skepticism, particularly from voices like Josh Johnson, host of *The Daily Show*. In a segment aired on Tuesday, Johnson analyzed the financial implications of a 50-year mortgage, using a hypothetical scenario of a $400,000 home with a six percent interest rate. He calculated that while the monthly payments would be about $300 less than those of a traditional 30-year mortgage, the total cost over the life of the loan would balloon to over $1.3 million when interest is factored in. Johnson humorously pointed out the absurdity of the situation, stating, “That is the opposite of affordability,” and highlighted the long-term financial burden such loans could impose on families, potentially leading to generational debt. His critique underscores a growing concern that while longer mortgage terms might provide short-term relief, they could ultimately trap homeowners in a cycle of debt that extends well beyond their lifetimes, complicating financial legacies for future generations.
https://www.youtube.com/watch?v=4hwkhM041ig
In a
Truth Social post
and an
interview with Fox News
, Donald Trump has introduced the idea of a
50-year mortgage
in the U.S, suggesting it might make home ownership more affordable for Americans. But
Daily Show
host Josh Johnson isn’t convinced.
In the clip above from Tuesday’s show, the host pulls up a graphic
calculating
that a six percent mortgage on a $400,000 home would mean roughly $300 a month less in repayments versus a 30-year mortgage, but over $800,000 in interest over the lifetime of the loan.
“So you’re saying that after interest, a $400,000 mortgage is going to cost me $1.3 million?” says Johnson. “That is the opposite of affordability. This man is creating generational debt. They’re going to be fighting to get
out
of grandma’s Will. Grandkids will be like, ‘I barely knew her, alright? I wouldn’t even hug her at Christmas because her skin was too loose.”
