gary_580

Ours is pretty much the same. My mortgage interest is calculated daily and using your example

Amount 200,000
Int 3%
Term 25 Yrs

payment = loan amount(interest/(1-(1+interest)^period in months)

948.42 = 200000(0.0025/(1-(1+0.0025)^300)

total paid 284526

84526 of which is interest

As people have mentioned, my mortgage isnt fixed interest. It floats with the base rate.