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If you own a house at 500K and took a 30 year loan with a 6% fixed interest, how much will you pay the bank in |
total? Just a standard loan. Estimates are good. Estimated gross costs of buying $500,000 at 6% interest for 30 years: (includes $7,644 in closing costs) Details $1,086,835 (this does not take into consideration insurance, PMI or taxes) Probably close to 1 million. Assuming no down payment? I added closing costs (came to about $10,000) Total would be $1, 079,190. http://mortgages.interest.com/content/ca... Look here: http://realestate.yahoo.com/calculators/... The above yahoo mortgage calculators figures out the monthly payment to be $ 2997.75. 2997.75 x 12months a year x 30 years = $1,079,190 any monthly payment multiplied by 12 and then multiplied byt the number of years is your total payment to the bank (principal plus intrest) This doesn't include other fees closing costs and taxes that will be added to your payment. Assuming zero down, and that you never refinance and just make minimum payments the whole time: Payments of $2997.76. (always round to the next penny!) except for a final payment of $2975.49, total payments $1,079,171.32 Principal $500,000 (of course!), total interest $579,171.32 Loan Officer and Realtor in San Diego. Website http://www.danmelson.com |
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