Question 1

What is the monthly payment on a $100,000 loan at 4.5% for 20 years?

Accepted Answer

The monthly principal + interest payment is $633. Total interest paid over the life of the loan is $51,836, for a total cost of $151,836.

Question 2

How much interest will I pay on a $100,000 mortgage at 4.5%?

Accepted Answer

Over 20 years you'll pay roughly $51,836 in interest at a 4.5% rate. Extra principal payments or a shorter term significantly reduce that number.

Question 3

15-year vs 30-year payment for $100,000 at 4.5%?

Accepted Answer

15-year: $765/mo with $37,699 total interest. 30-year: $507/mo with $82,407 total interest. The 30-year payment is lower but lifetime interest is much higher.

Year	Principal	Interest	Balance
1	$3,156	$4,435	$96,844
2	$3,301	$4,290	$93,542
3	$3,453	$4,139	$90,089
4	$3,612	$3,980	$86,478
5	$3,778	$3,814	$82,700
6	$3,951	$3,641	$78,749
7	$4,133	$3,459	$74,616
8	$4,322	$3,269	$70,294
9	$4,521	$3,071	$65,773
10	$4,729	$2,863	$61,044

Term	Monthly P+I	Total interest	Total cost
15 years	$765	$37,699	$137,699
30 years	$507	$82,407	$182,407

$100,000 Mortgage at 4.5% for 20 Years

Amortization (first 10 years)

15-year vs 30-year

Extra payments

Payment breakdown

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