A $450,000 mortgage at 5.5% interest for 30 years has a monthly payment of $2,555 in principal and interest. Over the life of the loan, you will pay $469,818 in total interest, making the total cost $919,818.

Key Numbers

• •Monthly payment (P&I): $2,555
• •Total interest over 30 years: $469,818
• •Total cost of the loan: $919,818
• •A 15-year term at the same rate costs $3,677/month but saves $257,981 in interest
• •With a 20% down payment, the home price would be $562,500