01-23-2007, 07:38 PM
WRXtranceformed Wrote:$600,000 loan, we'll be REAL generous and say you're doing 100% financing, and let's be real conservative and say you have a 7% interest rate on that loan, locked in for 30 years. The total amount of lifetime interest that you'd pay on that loan would be $42,000.sorry Lee, your math is way off.
You will pay $42k of interest in the first year
Total interest paid will be 837k and change. For a grand total of 1.4mil if you keep the house until its paid off.
Link
everyone should take a look at the table and the comparison of interest paid to principal paid. eye opener