Total interest paid on the 30 year is $463,484
Total interest paid on the 50 year is $865,358
The lower payment in the beginning of the 50 year is half of the problem, and the other half is the longer term of the loan. On the 50 year loan, the total interest for the last 20 years of the loan is $210,000, so in this example 50% of the problem is the lower payment alone, the other 50% being the longer term.
This is why those low and option payment loans are so bad.
