A $250,000 mortgage at 6% interest for 30 years has a monthly payment of $1,499 in principal and interest. Over the life of the loan, you will pay $289,595 in total interest, making the total cost $539,595.

Key Numbers

• •Monthly payment (P&I): $1,499
• •Total interest over 30 years: $289,595
• •Total cost of the loan: $539,595
• •With a 20% down payment, the home price would be $312,500