What is the total interest cost of my loan?

Original inbound: How much interest is earned on a five year personal note for $120,000 amortized over a 20 year period at 6 percent?

A: You can quickly learn the answer to this using HSH.com's mortgage calculator or by downloading HSH's Homebuyer's Calculator Suite. Simply add in your loan amount, select a 20-year term and view a complete amortization schedule. Then, just look up (or add up) the interest due for each year's period and you'll have the answer you need.

You don't mention if the loan is structured as interest only or whether payments will also include principal. If it's interest only, simply look at the amount of interest paid in the very first payment, then multiply that number by 60 (months) to arrive at your total interest costs.

If the loan includes principal repayments (amortizing), the answer would be $33,462.50, and the loan would still have a balance of $101,879.30 after 60 payments have been made. If the loan is interest-only (non-amortizing), the total would be a full $36,000, and of course the balance would still be the full $120,000.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
Please enter a question.
Please enter name.
Please enter email.
Captcha code invalid
Q: Does mortgage insurance assist the survivors of a deceased policy holder?
APR 08, 2025
A:

Credit life insurance is sold to homeowners as a means to pay off the mortgage in the event of the death of the homeowner.

Read More
Q: I don't have a Social Security number. Can I get a mortgage?
MAR 31, 2025
A:

Fannie Mae states they do back loans for borrowers who have no Social Security number.

Read More
Q: Will I pay an ACA/ObamaCare tax when I sell my home?
JAN 17, 2025
A:

Some homeowners will pay this 3.8 percent tax when they sell their homes, but only if they meet certain conditions.

Read More
Add to Homescreen?
X
X
Install this web app on your phone :tap and then Add to homescreen