A $300,000 mortgage at 6.5% interest for 15 years has a monthly payment of $2,613 in principal and interest. Over the life of the loan, you will pay $170,398 in total interest, making the total cost $470,398.

Key Numbers

• •Monthly payment (P&I): $2,613
• •Total interest over 15 years: $170,398
• •Total cost of the loan: $470,398
• •Compared to a 30-year term at the same rate, you save $212,235 in total interest
• •With a 20% down payment, the home price would be $375,000