Real Estate & Mortgages

Intermediate

Total Mortgage Interest

Total interest paid over the life of a loan.

Formula

I = (M \times n) - P

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Variables

ITotal interest

MMonthly payment

nMonths

PPrincipal

Example

M=$1798, n=360, P=$300k: I ≈ $347k

Did You Know?

On a 30-year loan you can pay more in interest than the original price of the house.

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