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in this video were going to talk about how to calculate the true cost of a mortgage now when youre paying back your mortgage or your loan theres two parts to it the principal of the loan that youve received in the beginning thats simply repayment but the real cost is the interest that you pay and were going to talk about how to calculate the total amount of interest that will be paid during the time youre paying back that loan and thats going to be part c to this problem so lets go ahead and begin lisa takes a 30-year term 500k loan to purchase a home at a fixed annual interest rate of six percent now she puts 10 percent down towards the mortgage what is the monthly mortgage payment so lets begin with the formula that we need to get the answer the monthly payment is going to be the principal times the annual interest rate divided by n and then all of this is going to be divided by 1 minus 1 plus r over n raised to the negative nt now what is the principal normally the princip