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Actual total cost of $ 120,000, 30-year mortgage?

I just read something in which a man claimed that his mortgage $ 160,000 at 4.29% interest will cost more than $ 500,000 when the debt is finally paid. I think it was a loan 30 years, he was referring. I feel like an uninformed consumer and terrible, but I never realized that I might have to pay a ton of extra money $ 120,000 on my 30-year mortgage at 5%. The idea that I might end up paying for more than a half-million dollars is sickening. Is Does anyone know how I might be able to calculate our actual payment, after all is said and done? Or is there an online tool or calculator I might be able to use that generate a number? Thank you.

The numbers you mentioned does not compute. A mortgage $ 120,000 at a fixed rate of 5% over 30 years will cost approximately $ 112,000 during the term of the loan. Your monthly payment will be about $ 645. It does not include property taxes, insurance, maintenance or repairs. After thirty years, you the property that has been considerably value. It is more likely that you will trade along the way and maximize your investment even more. If you were to rent the property for $ 645/month 30 years you've spent more than $ 232,000 and have nothing to show for it. It is more likely that you would have to spend at least $ 900 per month a comparable rent to cover the cost of ownership beyond the landlord's mortgage fees. $ 324,000 is flushed down the toilet. Besides this, you can expect many rent increases over a period of 30 years. The $ 324,000 figure is likely to be closer to half a million dollars. Many mortgage calculators it online. Just Google "mortgage calculator cost" and plug your numbers.

Jumbo Fixed Rate Extra Home Mortgage Payment Calculator Tips

Mortgage Payments $10.44 Updated to reflect current rates, these quick reference tables show the size of monthly payments necessary to amortize loans on amounts up to $600,000 over periods ranging from one to 40 years …

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