40-Year Home Mortgages

By Michelle Singletary

Published October 26, 2004 at 12:00 AM EDT

NPR's Alex Chadwick talks with Day to Day personal finance contributor Michelle Singletary about the pros and cons of 40-year mortgages. Monthly payments for these loans are less than with traditional 30 year mortgages, but the interest paid over the life of the loan is substantially more.

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Michelle Singletary

Michelle Singletary is the personal finance guru for NPR’s Day to Day, filing commentaries that can be heard every Tuesday. In conjunction with her work for NPR, Singletary writes the award-winning, syndicated “The Color of Money” column for the Washington Post and is a regular contributor to Howard University's evening news radio program, Insight, on which she discusses personal finance issues.