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## How do I calculate how much interest I will pay on my mortgage?

**Calculating interest on a car, personal or home loan**

- Divide your interest rate by the number of payments you’ll make in the year (interest rates are expressed annually).
- Multiply it by the balance of your loan, which for the first payment, will be your whole principal amount.

## How much do you actually pay on a 30 year mortgage?

Another way to save money on a mortgage

30 Years of Payments | 15 Years of Payments | |
---|---|---|

Monthly Payment | $1,026 | $1,541 |

Total Interest | $169,534 | $77,425 |

Total Paid for the Home | $419,534 | $327,425 |

*You take out a $200k, 30-year mortgage at 4.61% APR |

## How do I figure out how much interest I will pay on my credit card?

**Here’s how to calculate your interest charge (numbers are approximate).**

- Divide your APR by the number of days in the year. 0.1599 / 365 = a 0.00044 daily periodic rate.
- Multiply the daily periodic rate by your average daily balance.
- Multiply this number by the number of days (30) in your billing cycle.

## How much interest do you pay on a 25 year mortgage?

Yearly Amortization Schedule

Payments | Yearly Total | Interest Paid |
---|---|---|

Year 23 (265-276) | $18,022.45 | $1,531.04 |

Year 24 (277-288) | $18,022.45 | $944.49 |

Year 25 (289-300) | $18,022.45 | $337.08 |

$450,561.21 | $150,561.21 |

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