Discover how making extra mortgage payments could save you thousands in interest and help you pay off your home years sooner.

That monthly mortgage payment can feel like a permanent resident in your life, a houseguest who overstayed their welcome by about 30 years. It shows up every month, eats a huge chunk of your budget, and doesn’t even help with the dishes.

Although people do save money when a term is extended to 50 years, Housingwire noted that the savings decrease from a 40-year to 50-year mortgage; homeowners aren’t building as much equity, so “at some point, the savings are minimal.”

Borrowers taking out $600,000 mortgage loans today are paying a lot less than they would have just months ago.

(NEXSTAR) — In addition to suggesting $2,000 tariff checks for Americans over the weekend, the Trump administration suggested it’s working on “a complete game changer:” the 50-year mortgage. Some, however, suggest it may not be as financially beneficial as it seems.

Finder.com reports that 50-year mortgages may lower monthly payments but lead to double interest and slow equity growth, making them a poor choice.

Mortgage Research Center. Rates averaged 5.4% for a 15-year financed mortgage and 6.07% for a 20-year financed mortgage. Related: Compare Current Refinance Rates 30-Year Refinance Rates Climb 0.30% T