✅ the principal you borrowed✅ all interest paid over the years❌ It does NOT include taxes, insurance, or HOA unless noted.Because longer terms spread payments out more slowly, they lower the monthly payment but massively increase total interest paid.Below is a simple example to show how total payments change by loan term.✅ Example: $300,000 loan at 6% interest15-Year MortgageMonthly payment: ≈ $2,531Total paid: ≈ $455,682Total interest: ≈ $155,68230-Year MortgageMonthly payment: ≈ $1,799Total paid: ≈ $647,514Total interest: ≈ $347,51440-Year MortgageMonthly payment: ≈ $1,650Total paid: ≈ $792,089Total interest: ≈ $492,08950-Year MortgageMonthly payment: ≈ $1,595Total paid: ≈ $956,140Total interest: ≈ $656,140✅ Summary: Total Payments by Loan TermTerm Monthly Payment Total Paid Over Life Total Interest15-Year ~$2,531 $455,682 $155,68230-Year ~$1,799 $647,514 $347,51440-Year ~$1,650 $792,089 $492,08950-Year ~$1,595 $956,140 $656,140✅ Key TakeawayA longer mortgage = lower payment, but the total paid skyrockets because interest accrues for decades longer.tune in and learn https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

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