A $350,000 mortgage at 6% interest for 30 years has a monthly payment of $2,098 in principal and interest. Over the life of the loan, you will pay $405,434 in total interest, making the total cost $755,434.

Key Numbers

• •Monthly payment (P&I): $2,098
• •Total interest over 30 years: $405,434
• •Total cost of the loan: $755,434
• •A 15-year term at the same rate costs $2,953/month but saves $223,804 in interest
• •With a 20% down payment, the home price would be $437,500