The Mortgage Helpbook
How much does each thousand you’ve borrowed cost you?
You have probably wondered how much money you are actually paying for every thousand dollars of your home mortgage loan. The amount in question depends on the total amount of your loan.
If you've borrowed $250,000.00 on a 30-year loan at 5.000% interest, you will pay a total of $486,839.46 for the loan. This means you will pay $5.41 each month for every thousand dollars borrowed. Every year, you will pay $64.91 per thousand dollars financed. This means, that by the end of the loan's term every thousand dollars will have cost you $1,947.36.