Save $300 today, pay an extra $447k later

A homebuyer using a 50-year mortgage would pay $2,452 a month, saving $319 compared to a 30-year mortgage. But a 50-year mortgage would leave the homebuyer paying nearly double the interest over the life of the loan.

Total Mortgage Principal and Interest Breakdown

This calculation was based off of a home price of $500,000 (the rough average for Berkshire County), an interest rate of 6.25 percent and a down payment of 10 percent. It aimed to mimic an average first-time home sale in the county.
Chart: Nate Harrington, The Berkshire EagleSource: Fannie Mae Mortgage CalculatorCreated with Datawrapper