When taking out a mortgage loan, you might be interested in knowing how much money you are actually paying for every thousand dollars you borrow. The amount you pay for every thousand dollars will change depending upon the total amount of your loan.
Let’s say you borrow $250,000 on a 30-year loan at five percent interest. With this amount borrowed, you would pay a total of $481,521.61 for the loan. This means you will pay $5.35 each month for every thousand dollars borrowed. Every year, you would pay $64.20 per thousand dollars financed. Throughout the life of the loan, you will spend $1,926.09 for every thousand dollars.
DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it’s applicability to your financial situation. Please consult your own financial advisor.