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how much will you pay in total over 30 years in principal and interest

To calculate the total payment over 30 years in principal and interest, follow these steps based on the information in the image:

1. **Monthly Payment for Principal and Interest (P&I):**
   - From the image, the monthly P&I payment is shown as **$851.18**.

2. **Total Number of Payments:**
   - The loan is a 30-year mortgage, which means there will be **30 years × 12 months/year = 360 monthly payments**.

3. **Total Amount Paid:**
   - Multiply the monthly payment by the total number of payments:
     \[
     \text{Total Payment} = 851.18 \times 360 = 306,424.80
     \]
     So, over the 30-year period, the total amount paid in **principal and interest** will be **$306,424.80**.

Let me know if you need a breakdown of the interest paid, or if you have other questions!

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Here are 5 follow-up questions:
1. How much of the total payment is interest?
2. What is the breakdown between principal and interest?
3. How does the mortgage insurance affect the total payment?
4. How can paying a larger down payment reduce the total interest paid?
5. What would the total payment be if the interest rate changed to 5%?

**Tip:** Making extra payments on your mortgage can significantly reduce the amount of interest paid over the life of the loan.

How much will you pay in total over 30 years in principal and interest?

Learn how to calculate the total payment for a 30-year mortgage, including principal and interest. This problem involves key financial concepts such as monthly payments, interest rates, and loan amortization. Suitable for high school students and anyone learning about mortgages.

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