If you own a house at 500K and took a 30 year loan with a 6% fixed interest, how much will you pay the bank in

Question

total? Just a standard loan. Estimates are good.

yeah, like 5% or no downpayment...forgot

Answer 1

Estimated gross costs of buying $500,000 at 6% interest for 30 years: (includes $7,644 in closing costs) Details $1,086,835 (this does not take into consideration insurance, PMI or taxes)

Answer 2

The total of payments on this loan would be $1,026367.20. All you need to do is take the monthly payment which is $2851.02 and multiply by 360 months or 30yrs. Now this is based on paying the payment every month on time and not having PMI on the loan.

Answer 3

Look here:

http://realestate.yahoo.com/calculators/payment_results.html;_ylt=AoOr4PcNLJI.4ptVCGE1mCKkF7kF?unroundedPayment=&loanAmount=500000&years=30&showTable=Y&interestRate=6&showAmort=Calculate

The above yahoo mortgage calculators figures out the monthly payment to be $ 2997.75.

2997.75 x 12months a year x 30 years = $1,079,190

any monthly payment multiplied by 12 and then multiplied byt the number of years is your total payment to the bank (principal plus intrest)

This doesn't include other fees closing costs and taxes that will be added to your payment.

Answer 4

Assuming zero down, and that you never refinance and just make minimum payments the whole time: Payments of $2997.76. (always round to the next penny!) except for a final payment of $2975.49, total payments $1,079,171.32 Principal $500,000 (of course!), total interest $579,171.32

Answer 5

Assuming no down payment?

I added closing costs (came to about $10,000)

Total would be $1, 079,190.

Answer 6

2997.75 (monthly payment) * 360 (Number of payments)

Well over One Million

And lot of Taxes and Insurance.

Answer 7

Probably close to 1 million.