The total amount of interest over the period of 30 years = $1,108,292.40
Mortgage payments are divided into two parts. The principal is the loan amount, and the interest is the monthly fee charged by the lender on top of the principal.
Because of a process known as amortization, your monthly payment is consistent with fixed-rate mortgages.
Your monthly payment may include other expenses such as mortgage insurance premiums and taxes held in escrow in addition to the principal and interest paid to the lender.
Monthly Principal = $3,078.59
Yearly Principal = $3,078.59 x 12
Yearly Principal = $36,943.08
Years of Interest= 30
The total amount of interest over the period of 30 years = $36,943.08 x 30
The total amount of interest over the period of 30 years = $1,108,292.40
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