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

Mortgage rates reversed course to edge lower this week, with the 30-year fixed rate averaging 6.29%, down from 6.31% the previous week, according to Bankrate’s latest lender survey.

Mortgage rates are easing after the Fed's October cut, but $800,000 loans still come with hefty monthly costs.

McClelland said for a 30-year term, the monthly payment is about $2,771. The total interest? Around $547,436. Extend that loan to 50 years and the payment drops by $300 a month. However, the new total interest now, an estimated $912,666.

The White House is proposing 50-year mortgages to address housing affordability, which would trim monthly payments by about $266 on median-priced homes. Borrowers would pay roughly $389,000 more in interest overall, and many would still owe money after death at current life expectancy rates.