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Janelle and Jacob are considering a $130,000 mortgage for 30 years at 4.8%. With this information, their monthly payment would be $682.06. If they make only the minimum payment each month, what is the
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Janelle and Jacob are considering a $130,000 mortgage for 30 years at 4.8%. With this information, their monthly payment

would be $682.06.
If they make only the minimum payment each month, what is the total payback of this loan?
How much of this total payback is interest?

User Jochen Christ
by
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1 Answer

14 votes
30 years = 360 monthly payments
Total payback = 360 x $682.06 = $245,541.60
Interest = 245,541.60 - 130,000 = $115,541.60
User Splatte
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