How interest effects monthly mortgage payments

How will a difference in interest rates change my
monthly mortgage payments? I have created a small
spreadsheet to the right which shows how your mortgage will change depending on your interest rate. However, the more interesting figure is how much you will pay in interest rate charges only– over the course of a 30 year $500,000 loan. At 7% you will pay almost 700K whereas at 5% it will be 466K a difference of almost a quarter million dollars.

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2 thoughts on “How interest effects monthly mortgage payments

  1. Hi, was wondering if you’d like to exchange links with me?
    If yes, please leave your blog url as a comment at:
    http://bigmoneylist.blogspot.com/
    I’ll link to you first, then when you have time link back k?
    Thanks, Michael
    BTW–I’m michaelwong38 on digg. If ever you want something dugg, just send me a shout anytime.

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