✅ the principal you borrowed

✅ all interest paid over the years

❌ It does NOT include taxes, insurance, or HOA unless noted.

Because longer terms spread payments out more slowly, they lower the monthly payment but massively increase total interest paid.

Below is a simple example to show how total payments change by loan term.

✅ Example: $300,000 loan at 6% interest

15-Year Mortgage

Monthly payment: ≈ $2,531

Total paid: ≈ $455,682

Total interest: ≈ $155,682

30-Year Mortgage

Monthly payment: ≈ $1,799

Total paid: ≈ $647,514

Total interest: ≈ $347,514

40-Year Mortgage

Monthly payment: ≈ $1,650

Total paid: ≈ $792,089

Total interest: ≈ $492,089

50-Year Mortgage

Monthly payment: ≈ $1,595

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Total paid: ≈ $956,140

Total interest: ≈ $656,140

✅ Summary: Total Payments by Loan Term

Term Monthly Payment Total Paid Over Life Total Interest

15-Year ~$2,531 $455,682 $155,682

30-Year ~$1,799 $647,514 $347,514

40-Year ~$1,650 $792,089 $492,089

50-Year ~$1,595 $956,140 $656,140

✅ Key Takeaway

A longer mortgage = lower payment, but the total paid skyrockets because interest accrues for decades longer.

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