Trump's 50-Year Mortgage (Dave Ramsey Responds)

Brought to you by the Every Dollar app. Start budgeting for free today. And this is going to fix America's housing crisis. Oh, horse crap, Trump. That's absolutely asinine. And you know it. President Trump actually realizes, I suppose, uh, because he is a a math guy and a real estate guy, that the difference in a 50-year mortgage and a 30-year mortgage is more about looking like he did something to help people, >> okay, >> than the math is. This is a political stunt by President Trump if he actually knows what's going on. Otherwise, it's an ignorant stunt by President Trump. I don't know which one it is because the difference in a 50-year mortgage and a 30-year mortgage, as we just described, you would think it would be almost half, but it's only 16% less. So, your payment on a 50-year on a half million is 2,200 bucks. On a 30-year is 2,600 bucks. You save a whole $300 by going in debt an extra 20 freaking years >> and you save $300. And this is going to fix America's housing crisis. Oh, horse crap, Trump. That's absolutely asinine. And you know it. It's ridiculous. I mean, COME ON. >> Not to and then talk about the interest. >> I mean, this is like Joe Biden saying he's forgiving student loans when he knows he can't. Okay, it's just the same. It's political stunt. You know you can't do this. The law won't let you do it, but you're walking around strutting around acting like you did something. You politicians. So Trump's like, "I'm going to give him a 50-year mortgage." Like, cuz he's got billions of dollars of mortgages on all these New York buildings, and he just loves debt. He thinks it's awesome. He and I have disagreed on that since back in the Larry King days. I remember y'all remember Larry King. >> Oh, Larry King live. Of course, >> we used to do those TV shows and they had like six people on there. Look like uh uh Brady Bunch. Looked like the Brady Bunch. We're in the boxes on the Brady Bunch and Trump would be in the lefth hand bottom corner and I'm up in the other corner and I'm yelling at him about getting out of debt and he's like, "Who is this hillbilly on the thing with me?" He and that's the first time he and I ever talked was I got in a big fight with him on Larry King like 25 or 30 years ago. I actually like President Trump in general and uh I I've been around him several times, but this is an absolute bogus political stunt and he knows it. He's over laughing at you people going, "Oh, 50 years we're not going to have to pay anything. We can get a mortgage for almost nothing." Compound interest, baby. We just explained it to you. It saves you almost nothing over a 30-year mortgage. >> 16% but you're almost 100% more in debt. >> But talk about the fact that it's a trap in that cuz I've heard a lot of people say, "Well, I can get it. It's a great place to start and then later on I can move to something else." >> Yeah. There's a great place to start to go to a payday lender, too. It's a great place to start to go to a pawn shop. This is absolute stupid statement. >> They're not thinking about when you when you do that, how quickly are you gaining equity? It is not >> gaining equity except the house goes up in value. >> Yeah. But you're, you know, you could get an interestonly loan and it would be almost the same thing. >> Basically, >> they had interest only loans for a while. Y'all remember those? >> That was stupid on steroids. Hello, 2008. We're calling. >> And yeah, does anybody remember stupid on steroids? I remember it. How about a one-year adjustable rate mortgage tied to an index that already started in the hole your first day? In other words, if you had to adjust it the day you took out the mortgage, you would already be going up. That's how all the one-year arms are set up. By the way, boys and girls, this is why it's stupid. The game is rigged. So, what you want to do is if you're going to get in the game, you want to get out as fast as possible, not plan to stay in. So, you're not saving anything by taking out a 50-year mortgage. Sorry, President Trump. Bogus move. You either knew it or you didn't, but now at least if when you hear this, you'll at least know. And um I was on a call with him just a few weeks ago on some other stuff. >> You told him it was done. >> No, it wasn't out by then. It came out about 3 days after that. Um, but I I I'm not gonna, you know, he he'll hear about this or he won't. I don't. It doesn't matter. He He's not taking Dave Ramsey's opinion anyway. I can tell you that. It's not He is not worried about what I think at all. He's not worried about what anyone thinks. But, but bottom line, boys and girls, this political move, okay? Whether you love Trump, whether you hate Trump, a 50-year mortgage has no mathematical substantiality to if it cut your payment in half, we could talk about it, but it cuts it 16%. Don't be stupid. Create your free every dollar budget today.