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Beyond Mortgage Payments. Mortgage Accelerator . Are You Debt Free?
Your mortgage is a 30 year mortgage with a pay off amount of $300,000. At 6% interest, you will be paying $347,514 in interest at the end of 30 years. Lets assume you have a 30 year fixed rate mortgage. The value of your mortgage is $300,000. If your interest rate is 6%, you will end up spending at least $347,514 over the entire life of your mortgage in interest payments alone. You bought your first home for $300,000. Based on your credit and earnings, you qualified for a 6% interest rate for your first home. Your total repayments over a 30 year period, for interest only, will be approximately $347,514.
