CalcuNation

Total Cost Mortgage Calculator

Find the total cost over the life of a mortgage with this
Total Cost Mortgage Calculator.

Principal Loan Amount:
Yearly Interest Rate: %
Total Months of the Loan:
A 30 year loan has 360 months, a 15 year loan has 180 months.

How do you calculate the total cost of a mortgage?

Note: This calculator only shows the total accrued loan cost for the
principal and interest. This does not include other additional costs
associated with insurance or taxes.

To calculate the total cost for the life of a mortgage loan use the
formula:

mortgage loan cost formula

r = Monthly Interest Rate (in Decimal Form) =
(Yearly Interest Rate/100) / 12

P = Principal Amount on the Loan

N = Total # of Months for the loan ( Years on the loan x 12)

Example: The total cost for 30 year fixed rate loan, with a principal
of $250,000, and a yearly interest rate of 6.5%:

r = (6.5 / 100) / 12 = .005416667

P = 250,000

N = (30 x 12) = 60

Formula for Mortgage Cost

The total cost for the life of the mortgage is $568,861.22

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