177k views
22 votes
How much total interest will he pay over the course of the mortgage?

1 Answer

10 votes

Final answer:

The total interest paid over the course of the mortgage can be calculated by subtracting the loan amount from the total payments.

Step-by-step explanation:

The total interest paid over the course of the mortgage can be calculated using the formula:

Total Interest = Total Payments - Loan Amount

For example, if the loan amount is $1,000,000 and the monthly payment is $5,995.51 for 360 months, the total payments would be $5,995.51 x 360 = $2,158,755.60. Therefore, the total interest paid would be $2,158,755.60 - $1,000,000 = $1,158,755.60.

User Jeff Hay
by
3.4k points