The 30-Year Truth

On a $350,000 mortgage at 7% interest for 30 years, your monthly payment is about $2,329. Sounds manageable, maybe.

But multiply that by 360 payments: you'll pay a total of $838,281. That means you paid $488,281 in interest alone — more than the original loan. At 7%, you're essentially buying the house twice.

This is why even small rate differences matter enormously. The same loan at 6% costs about $405,434 in total interest. That 1% difference saves you over $82,000. Shopping for rates isn't optional — it's one of the highest-value financial moves you'll ever make.