Lorenzo Ferguson

Attention all homeowners and aspiring homeowners! The FHA has recently approved a 40-year mortgage to help make monthly payments more affordable in the face of skyrocketing home prices. While this may be a welcome relief for many, it's important to note the downside - the massive amount of interest that homeowners will end up paying over the course of such a long loan.

Let's take a closer look at the numbers. A $300,000 loan at 3% interest with a 40-year mortgage would result in monthly payments of $1,073.95. However, the total amount paid by the homeowner over the life of the loan would be a whopping $515,496, with $215,496 in interest alone. That's over 71% of the original loan amount!

But here's the good news: there are ways to keep up to 67% of the interest you would be paying on a mortgage. If you're staring down the barrel of a 40, 30, or even 15-year mortgage, comment "save" below to learn more about how to save big on interest payments.

Don't let the burden of interest payments weigh you down - take control of your mortgage and start saving today!