A $400,000 mortgage at 7% interest for 30 years has a monthly payment of $2,661 in principal and interest. Over the life of the loan, you will pay $558,036 in total interest, making the total cost $958,036.

Key Numbers

• •Monthly payment (P&I): $2,661
• •Total interest over 30 years: $558,036
• •Total cost of the loan: $958,036
• •With a 20% down payment, the home price would be $500,000