Did you know that the amount of interest paid on a 30 year mortgage would be close to the amount of money you borrowed now?
I used this calculator to obtain my numbers.
If you borrowed $200k for 30 yrs with 5% fixed interest rate, the total interest alone paid would be about $185k(without any additional principal payment).
2 comments:
Does your calculator apply your extra payment to the loan balance (interest and principal) or just principal?
It does calculate the extra payment.
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