Loan amt: 501k
Total amt paid at the end of 30 yrs: 2k x 12 x 30 = 720k
Interest: 219k
Due to the curse of compounding, even at a low interest rate of 2.6%, over a long period of 30 yrs, the original loan amount of 501k becomes 720k. The total interest paid to them is 219k, which is almost half the original loan amount.
I wanted to reduce my monthly installment to less than 1k ...
...
