Effect of compound interest
Paying off a $500,000 mortgage over 20 years (240 months) at 5% interest will require minimum monthly payment of about $3,300. It will cost almost $292,000 in interest.
Paying off a $500,000 mortgage over 20 years (240 months) at 5% interest will require minimum monthly payment of about $3,300. It will cost almost $292,000 in interest.
