A $500,000 mortgage at 7% interest for 30 years has a monthly payment of $3,327 in principal and interest. Over the life of the loan, you will pay $697,544 in total interest, making the total cost $1,197,544.

Key Numbers

• •Monthly payment (P&I): $3,327
• •Total interest over 30 years: $697,544
• •Total cost of the loan: $1,197,544
• •With a 20% down payment, the home price would be $625,000