Mortgages

Not including property taxes, HOA fees, insurance, and other costs, a 30-year mortgage on a $1.1 million house at a 6% interest rate with 20% down would mean a $5,276 monthly payment. You would pay $1,019,376 in interest over the life of the loan. With the same numbers and a 50-year mortgage, the monthly payment would be $4,632 — definitely less! However, you’d pay $1,899,417 in interest…