A $300,000.00 thirty year mortgage has a monthly payment of $1,798.65. Over the life of the mortgage, how much money do you pay in interest?

Name: A $300,000.00 thirty year mortgage has a monthly payment of $1,798.65. Over the life of the mortgage, how much money do you pay in interest?
Brand: Quizplus
Rating: 4.9 (50 reviews)

Question

Quizplus · Accepted Answer

The total amount paid over 30 years is $1,798.65 * 360 months = $647,514.00. Subtracting the principal of $300,000.00, the interest paid is $647,514.00 - $300,000.00 = $347,514.00.