Did you know:
- After 30 years, a 30-year term mortgage is paid in full.
- After 30 years, a 40-year term mortgage has 57% of the original borrowed amount remaining.
- After 30 years, a 50-year term mortgage has 81% of the original borrowed amount remaining.
Of course, longer-term mortgage holders don’t have it all bad — the mortgage interest they pay on their primary residence mortgage is tax-deductible.
Longer term loans = more tax deductions over time.
To check how much tax deductibility your home loan is giving to you, speak with your personal accountant.