Note: This calculator only shows the total accrued loan cost for
principal and interest. This does not include other additional costs
associated with insurance or taxes.
To calculate the total cost for the life of a mortgage loan use the
r = Monthly Interest Rate (in Decimal Form) =
(Yearly Interest Rate/100) / 12
P = Principal Amount on the Loan
N = Total # of Months for the loan ( Years on the loan x 12)
Example: The total cost for 30 year fixed
rate loan, with a principal
of $250,000, and a yearly interest rate of 6.5%:
r = (6.5 / 100) / 12 = .005416667
P = 250,000
N = (30 x 12) = 60
The total cost for the life of the mortgage is $568,861.22
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