Fox host Charles Payne on Trump's plan for a 50-year mortgage: “I do not like this idea”
Payne: “So, you're saving almost 500 bucks a month in terms of affordability, but by the time you finish paying this bad boy off, the 30-year, you pay 359,000 versus a 50-year, almost $700,000”
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From the November 10, 2025, edition of Fox News' America's Newsroom
BILL HEMMER (ANCHOR): Okay, so the big word from last week was affordability. And I really wanted to have you on so you could define affordability for us. But here we go, the White House is floating this idea, Bill Pulte is saying, 'Thanks to President Trump, we can indeed work on the 50 year mortgage - a complete game changer.' How does that work in dollars? Here you go, 30-year fixed mortgage, right now, you are paying $2,038 a month principal interest on a $400,000 home. At the bottom under 50 years, you would save a couple hundred bucks a month at $1,822 principal and interest. That is proposed, do you like this idea?
CHARLES PAYNE (FOX BUSINESS HOST): I do not like this idea. And again, it depends on how much the house costs. But if you took a 4% interest rate for a 30-year, it would be 2,300, for a 50-year, it would be 1,900. So, you're saving almost 500 bucks a month in terms of affordability, but by the time you finish paying this bad boy off, the 30-year, you pay 359,000 versus a 50-year, almost $700,000, right?
DANE PERINO (ANCHOR): Oh, wow! Wow.
PAYNE: It is just a gargantuan difference just to make people feel better. That's not the way to do this, right. There are so many other ways. I feel so strongly about the momentum that we'll have going into next year. The One, Big, Beautiful Bill kicks in. We will have a more accommodating Federal Reserve. I think economic activity is going to build. Companies will be encouraged to build here because they'll be able to write a lot of that off. I think we're on the precipice of an economic boom with lower mortgage rates that will help the housing market a lot. So, I would rather see President Trump do some other things with that tariff money.