How do you calculate total interest on a mortgage?

The easiest way would be to create an Amortization Schedule assuming no prepayments, and sum all the monthly interest payments. I don’t know of any formulas off hand that would do that for you.
Why do you need to know?
 
The suggestion above is the absolute hardest way to do it.
Calculate the monthly payment of the mortgage, multiply by the number of payments, and subtract the amount borrowed. Everything left is interest.
 
aaronhotchner wrote:
The suggestion above is the absolute hardest way to do it.
Calculate the monthly payment of the mortgage, multiply by the number of payments, and subtract the amount borrowed. Everything left is interest.
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True that. Totally didn’t think of that, but its true. So for a standard 360 month mortgage multiply the P&I by 360 and subtract the original UPB.
 
you can do it with you TI Calc.
Put in the numbers and calculate the monthly payment.
E.g. say 200 K PV, 6% per year, 360 months
PV=-200000, I/Y=0.5, N=360 CPT PMT
PMT=1199.10
Now hit 2nd Amort
P1=1
P2=360
BAL=0.00
PRN=200,000
INT=231676.38 <– Total Interest paid over the 360 months.
 
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