have you actually done the math on the difference in interest costs on a 5 yr term or 10 yr term? Deferring to a longer-term loan is actually putting yourself at huge risk when the economy goes back to normal and inflation hits, especially if your income doesn’t recover as quickly which is usually the case. You might save $100 a month now, but you’ll spend double or triple that in interest costs later on,…
Inflation helps people in debt by reducing the “real” value of that debt. A rise in inflation is a risk for the lender not the borrower.
Yes, longer loan terms mean more in interest costs for the lifetime of the loan. In normal conditions it’s best to avoid that. If your trying to get through the next 6 months without defaulting, it may be a cost worth paying for some.