>>>><snip>
>>>>>>I'd also like to object to your previous statement Anyone who's ever held a mortgage knows the monthly payments don't change that much when changing the amortization period from, say, 25 years to 35 years, let alone to 75 years.
>>>>>>
>>>>>>Using the default values from http://www.mortgagecalculator.org/ and just changing the loan term.
>>>>>>
>>>>>>Loan = $300,000, 5% fixed interest
>>>>>>10 year fixed, monthly payment = $2,964.14
>>>>>>15 year fixed, monthly payment = $2,289.48
>>>>>>20 year fixed, monthly payment = $1,962.39
>>>>>>30 year fixed, monthly payment = $1,654.55
>>>>>>50 year fixed, monthly payment = $1,447.85
>>>>>>
>>>>>>I've held a few mortgages and my experience is that the monthly payments can change dramatically based on both rate and term.
>>>>>
>>>>>I don't have the program I wrote for my old HP-29C calculator that calculates payments, you weren't limited to 50 year term. However, using that web site, and the numbers I specified:
>>>>>
>>>>>25 year term: 1,773.98 / month
>>>>>35 year term: 1,574.22 / month. A reduction of 11.2% for a term increase of 40%
>>>>>50 year term: 1,447.85 / month. Compared to 25 year term, a reduction of 18.4% for a term increase of 100%
>>>>>
>>>>>The optics of a 75 year term will be even worse :-/ No matter how you slice it, for long amortizations payments don't go down anywhere near as fast as intuition says they should. And that's using near-historically low interest rates.
>>>>
>>>>and the numbers I specified What were those?
>>>
>>>As shown above, in bold, the specific terms I quoted: 25 vs 35 years, and 75 years, with a partial analysis in my last post.
>>
>>I meant the other parameters like Loan amount? Interest Rate? Tax? PMI? New or Refi? Credit Profile?
>
>I just used the defaults on that site, like you did.

*bonk self in head*
I was reading too quickly once again. ;)

I still don't agree that long amortizations payments don't go down anywhere near as fast as intuition says they should, as I don't see the term v. savings as a 1-1 relationship, but I understand the perception.