How much do you pay on a mortgage?

Say the mortgage is for 200k for 25 years at an 8.5 interest rate...Do you really pay like 125 grand in interest or is this being calculated wrong? Would the monthly payment ever decrease or will it be the same with the same amount of interest each year?How much do you pay on a mortgage?
on a mortgage for $200K for 25 years with a FIXED rate of 8.5% your monthly payments would be $1610.45





$1610.45 X 300 payments (25 yrs) is $483,135 that means there would be $283,135 in interest.





If you were to get a adjustable rate mortgage you might pay less some months and much more in others.





I would NEVER suggest getting an ARMHow much do you pay on a mortgage?
You should request an amortization schedule from the lender.


This will show you the amount of interest paid each month, as well as over the life of the loan.





A fixed rate loan also has a fixed payment. What changes is that over time more of the payment goes to paying down principal, and there is less interest.





FYI, 8.5% seems really high. If your credit is decent, and you can document income, you might want to refinance into an FHA loan in the 6-7% range, depending on closing costs (higher rate = lower closing costs). Also, closing costs can often be rolled into the loan amount so you don't necessarily have any out-of-pocket expense.
The first year you pay almost 15k in interest alone for the 1st year. 8.5% is very high so you probably shouldn't have bought the property





You are paying $1610.45 a month


but you should paying like $1198 a month if interest is 6%





so if you pay the house till completion it will essentially cost you 268k for the house given a reasonable interest rate, which is outrageous