Amortization Visualized

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Loanly

A $480,000 mortgage at 2.85% for 30 years will cost $1,997 monthly for 360 monthly payments. The true cost of this loan is $231,864

Barrowed
$510,000
Interest Paid
$669,861
Total Paid
$1,179,864
360 payments
$3,277
6.94%
30 Yr Fixed
1 week change
0.04
1 Month change
0.31
1 Year change
0.29
52 Week Range
6.09
7.79
6.26%
15 Yr Fixed
1 week change
0.03
1 Month change
0.32
1 Year change
0.37
52 Week Range
5.14
7.03
Consumer Financial Protection Bureau Logo

What is a mortgage

According to the consumer financial protection bureau, a mortgage is an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money you've borrowed plus interest.

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