40 year mortgages are increasing in popularity, at least enough so that they are entering the general awareness. In brief, here are some of the pros and cons of them:
Very slightly lower payments
Building equity at a crawl
The cost is significantly higher over the long term (you’ll pay a LOT more in interest)
Maybe I’m missing something, but I don’t see the point. Even if you know for a fact that you’re only going to be in the house a short time, there’s not much advantage to it at all. (And who knows things like that for a fact? I was certain that I’d only be in this house for a year, MAYBE two at the most, and I’ve been here ten so far.) Even 30 year mortgages seem too long to me.