A $300,000 mortgage at 7% interest for 30 years has a monthly payment of $1,996 in principal and interest. Over the life of the loan, you will pay $418,527 in total interest, making the total cost $718,527.

Key Numbers

• •Monthly payment (P&I): $1,996
• •Total interest over 30 years: $418,527
• •Total cost of the loan: $718,527
• •With a 20% down payment, the home price would be $375,000