A $300,000 mortgage at 6% interest for 15 years has a monthly payment of $2,532 in principal and interest. Over the life of the loan, you will pay $155,683 in total interest, making the total cost $455,683.

Key Numbers

• •Monthly payment (P&I): $2,532
• •Total interest over 15 years: $155,683
• •Total cost of the loan: $455,683
• •Compared to a 30-year term at the same rate, you save $191,832 in total interest
• •With a 20% down payment, the home price would be $375,000