## Mortgage Total Cost Calculator

Find the total cost over the life of a mortgage with this

Total Cost
Mortgage Calculator.

## 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:

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

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