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Homeownership is the American Dream and it is a dream that belongs to everyone. When you decide to purchase a home, you are really signing on for a long term commitment. This commitment should start even before you begin looking at properties. When looking for a home, most people have already established a certain criteria that they want in a home. Does it have a basement? How many bedrooms and bathrooms does it have? What is the square footage of the home? What condition is the house in? Does it have a big backyard in a nice neighborhood and hundreds of other important questions. Just like a home, a home mortgage loan has many different variables too. There are different types of loans, different types of interest rates as well as different lengths of loans. This information is more important than finding that perfect house, because even the most perfect home in the best location can be a homeowners nightmare if the loan terms are not right.
When it comes to home loans, there are a lot of important variables that you should consider. Besides the loan amount that you plan on borrowing, you have to consider the interest rate, loan term and payment frequency. However, one of the most important variables that you should consider is the calculation between all of the variables. That calculation will give you the total amount of interest paid over the life of the loan. By changing the interest rate, loan term and payment frequency you can see exactly how much money you can save by changing any of the other variables. For example, on a $100,000 home mortgage with a 5.00% interest rate and 30 year loan term - your payment would be $536.82 a month and you would end up paying $93,256.56 in total interest over the life of the loan. Now if you took that same $100,000 home mortgage loan and just changed the loan term to 15 years - you would end up paying a monthly payment of $790.79 and only $42,343.17 in total interest over the life of the loan.
So use our Total Interest Paid Mortgage Calculator (Monthly Payment) below to help you calculate how much money in total interest you will end up paying over the life of the loan. Feel free to check out different loan scenarios by changing the different combinations of loan amounts, interest rates, loan terms and payment frequencies. This will help you ensure that you get the mortgage terms and payments that are right for you and your unique situation. |
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