NEEDS TO ADD IN MORTGAGE INSURANCE < HOMEOWNERS INSURANCE< TAXES

This equation calculates the true cost for a mortgage or loan;  as an example:

For an amount of  $50,000 loaned with $1,200 fees and closing costs,  at an annual interest rate 6% to be paid back over 30 years;  the cost of the mortgage is the monthly payment multipied by the number of payments (term of loan).   The cost of the mortgage is the total amount of money paid over the life of the loan.

This equation will accept the interest rate as the percentage, for the above example, enter 5 as the interest rate.

Notes

Example:

For an amount of  $50,000 loaned with $1,200 fees and closing costs,  at an annual interest rate 6% to be paid back over 30 years;  

The monthly payment will be  $306.97.      This payment, monthly for 30 years, will be  "the cost of the mortgage".  

The total amount of money paid over the life of the loan will be $110,509.20