Total Interest Payments
Total interest payment refer to the sum of all interest paid over the entire life of the loan or to a specific date.
However, it is not a good reflection of the total costs incurred by a borrower as it does not take into account any settlement costs incurred upfront when the home loan was initially accepted.
It also does not factor in the time value of money.
Dividing the total interest paid with the total amount of money paid to date will help the borrower discover how much of payments go towards interest and principal on average.
The results could be surprising to many.
for the last 36 months?
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