Question:

What is Total Interest Payment on a mortgage loan?

Answer:

The Total Interest Payment of a mortgage loan represents the interest cost over the life of the loan to the homebuyer, or up to a specific date.

However, the combined value of the total interest payments does not represent the true cost of the mortgage. It does not account for the upfront closing costs and the level of inflation (change in the purchasing power of consumers) over the life of the loan.

How to calculate the total interest payment I have made so far?

Use a mortgage calculator adjusted for the specific type of home loan you are having - ARM, FRM, balloon, Option ARM, etc - and look at the mortgage loan amortization table.

Also, your lender should supply you with amortization chart of your mortgage upon request, if they haven't yet provided one for you.

Basically, all decent mortgage calculators will provide amortization schedule by months or years of the total interest and principal payments by a given repayment period.

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