30 year mortgage? 40 year mortgage (what?) 50 year (Are you kidding?)

I'm a big Dave Ramsey fan. So much so that I lead, on average 2 Financial Peace University classes per year. Dave preaches no more that a 15 year fixed rate mortgage. Any longer time period than 15 years and you can't afford the house. Recently, I've come across many articles and blogs talking about the new 50 year mortgage.

A 50 year and for that matter a 40 year mortgage is nuts. Look at this example.

A $200,000 mortgage with a 30-year fixed rate at 6.63% would cost you $1,281.28 per month.Total interest paid: $261,262

A $200,000 mortgage with a 50-year fixed rate at 6.63% would cost you $1,147.06 per month.Total interest paid: $488,236

Why didn't I show you the number at a 15-year mortgage. Because if a 30-year, 40-year, or 50-year mortgage is making financial sense to you, there's no reason to crank the numbers for 15-years.