When President Donald Trump floated the idea of a 50-year mortgage in November, politicians and economic experts on both sides of the political spectrum balked at the idea. Others said it could be a useful tool to help lower the barrier to entry of homeownership.

With a post to Truth Social, Trump shared an image titled "Great American Presidents." On one side was a portrait of President Franklin D. Roosevelt with the words "30-year mortgage," and on the other, a portrait of Trump with the words "50-year mortgage."

While credit for the 30-year fixed rate mortgage cannot be fully given to Roosevelt, his New Deal programs like the National Housing Act of 1934 gave lenders the confidence to write loans again after the Great Depression.

Experts say a 50-year mortgage alone may not solve the issue of housing affordability, as there is no silver bullet solution to the problem. The heated debate the proposal sparked underscores the urgency of the housing crisis.

In Tennessee, the issue of housing affordability has grown more dire as the median home price jumped 68% statewide since 2020. The issue is front and center for residents, realtors, employers and politicians.

Greater Nashville Realtors President Collyn Wainwright said sufficient supply that matches what people can afford to buy is a central cause.

"The core issue remains the supply of homes available at price points most Americans can afford," she wrote in a recent column. "Unless we increase the supply of housing that aligns with household incomes, we will continue to face the same challenges."

Trump posted about introducing 50-year mortgages on social media but has not yet made an official policy proposal. Federal Housing Finance Agency Director Bill Pulte confirmed that a policy is in the works with a post to X, saying: "Thanks to President Trump, we are indeed working on the 50 year mortgage — a complete game changer."

In another social media post, Pulte wrote, a "50 year mortgage is simply a potential weapon in a WIDE arsenal of solutions that we are developing right now."

Middle Tennessee State University's Consumer Research Institute modeled the potential cost savings and additional interest owed for a 50-year mortgage in its fall housing market report.

For a home priced at $300,000, assuming the buyer would put 3.5% down and secure a 6.25% interest rate, the monthly payment would be $1,782 with a standard 30-year mortgage. The total interest paid over the course of the loan would be $352,200, making the total cost of the home $641,700.

With a 50-year mortgage structure, which would likely come along with a higher interest rate, a home buyer would expect a slightly lower monthly payment.

Extending a loan over 50 years "dramatically increases the total interest cost and only minimally decreases your monthly payment,” Michael Peasley, director of MTSU's Consumer Research Institute stated.

For a $300,000 home with a 3.5% down payment and 7% interest rate, the monthly payment would be $1,742 over the course of 50 years. Under that plan, total interest paid on the loan would be $755,633 — making the total cost of the home over $1 million.

Greater Nashville Realtors gave another example, with a 20% down payment and slightly more expensive home.

Wainwright noted that a $420,000 home with 20% down would cost about $2,080 a month on a 30‑year loan, compared to roughly $1,970 on a 50‑year loan, saving buyers around $110 monthly.

While the lower monthly payment effectively lowers the income requirement for homeownership, the loan is more costly over time.

And because the median age for a first-time home buyer is now 40, a typical homebuyer would be 90 years old before they paid off their 50-year mortgage. Though many people sell their homes before paying off their mortgage in full, equity takes longer to build under a longer-term mortgage.

Popular conservative radio financial advisor Dave Ramsey's Ramsey Solutions called the 50-year loan a "bad investment" largely because of higher interest costs and slower returns.

"A 50-year mortgage might sound like a good deal at first. But don’t let the short-term wins cloud your judgment — there’s really no good reason to put yourself into debt for that much time," Ramsey Solutions wrote on its website. "You’ll be stuck in an interest cycle that steals away cash from other parts of your future."

The conversation around the 50-year mortgage proposal could serve to spark more discussion about deploying a variety of tools to help solve the issue of housing affordability, said Ashton Real Estate Group CEO Debra Beagle.

Less stringent credit score requirements and portable/assumable mortgages have been discussed and could help in certain circumstances, she added.

Another helpful change could be lowering or pausing the collection of Mortgage Insurance Premiums paid by users of a Federal Housing Administration loan geared toward first-time homebuyers. That payment, made by the homebuyer, goes into the Mortgage Insurance Premium Fund, which already has more than enough in reserves, as mandated by Congress. Pausing that premium, Beagle said, could lower costs for first-time homebuyers by a couple hundred dollars per month.

Because there is increased discussion about some of these potential solutions, Beagle said it gives her some optimism that there could be more actions taken to work on the issue.

"When we look at solutions for housing affordability, I like that there is an initiative and discussion now, looking for solutions outside of just waiting for the interest rate to come down," Beagle said.

Molly Davis covers growth and development in Nashville. You can email her with comments, questions and tips at mmdavis@tennessean.com.

This article originally appeared on Nashville Tennessean: Is Trump's 50-year mortgage a lifeline or long shot for TN homebuyers?