Curious Questions – How Much Interest Will You Pay Over the Life of Your Mortgage?Article Posted by Expert Author: Sam Stieler on 06/04/2013
Understanding the intricacies of your mortgage can be difficult for anyone. The truth is that complicated equations work together and include not just the amount of loan you took out and your interest but other factors too, like insurance costs and taxes. Different lenders will roll different things into your mortgage, and in some cases it may be different from one state to another. But one thing is almost always true: Your monthly mortgage payment likely includes more than just principle and interest.
It's quite convenient that some things are included in a mortgage payment, but it can also make it difficult to figure out how much you're actually paying in interest. Luckily a handy tool can help. The home mortgage interest calculator lets you enter a few simple numbers and gives you the information you need on how much interest you'll be paying over the course of your loan. This can make it easy to figure out when it's worth it to lower your interest. For example, if you know you can lower your interest rate by 2% but you only have 10 years left on your loan, then the calculator can show you how much interest you'd save – and you can then compare that to how much it would cost to refinance.
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