Question by  Twins3307 (97)

How do I calculate the total cost of my mortgage?


Answer by  Marcy88 (56)

Amortization schedules are based on five factors: principal borrowed, terms (length of your current mortage), amortization (number of years to pay it back, usually 25), interest rates, prepayment options. A rough formula is: (monthly mortgage payment) x ((number of annual payments) x (number of months in amortization)) = total repaid.


Answer by  Tim55 (618)

There are many ways to calculate this. Google is your friends. There are hundreds of mortgage calculators out there that can help you find your rate in minutes if not seconds.


Answer by  barkley (951)

The total cost of your mortgage may be calculated by multiplying your monthly payment amount (less escrow) times the number of payments, this will give you the amount of principal and interest you are paying for your real estate.


Answer by  Christopher2600 (108)

The total lifetime cost of your mortgage is listed on what is called a "Truth In Lending Statement" which should have been given to you when you received the loan.


Answer by  happytimes63 (865)

Do a google search for a mortgage calculator that has the inputs for insurance, taxes, percentage rate, and term ant it will give you a fairly accurate figure.

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