wikiHow Calculating Mortgage Interest Practice Problems 1. You take out a 30-year mortgage for $250,000 at a 4% fixed interest rate. What is the monthly mortgage payment? 2. A 20-year mortgage for $200,000 has a 5% fixed interest rate. What is the total interest paid over the life of the loan? 3. You take out a 15-year mortgage for $300,000 at a 3.5% fixed interest rate. What is the total interest paid over the life of the loan? 4. A 10-year mortgage for $150,000 has a 6% fixed interest rate. What is the monthly mortgage payment? 5. You refinance your 30-year mortgage with a balance of $200,000 to a 20-year mortgage with a 4.5% fixed interest rate. What is the new monthly mortgage payment? 6. A 30-year mortgage for $300,000 has a 5% fixed interest rate. What is the total interest paid over the first 10 years of the loan? 7. You take out a 20-year mortgage for $350,000 at a 4% fixed interest rate. What is the total interest paid over the life of the loan? 8. A 15-year mortgage for $250,000 has a 3.75% fixed interest rate. What is the monthly mortgage payment? 9. You take out a 10-year mortgage for $100,000 at a 7% fixed interest rate. What is the total interest paid over the life of the loan? 10. A 30-year mortgage for $400,000 has a 4.5% fixed interest rate. What is the monthly mortgage payment? 11. You refinance your 20-year mortgage with a balance of $150,000 to a 15-year mortgage with a 3.5% fixed interest rate. What is the new monthly mortgage payment? 12. A 10-year mortgage for $200,000 has a 4% fixed interest rate. What is the total interest paid over the life of the loan? 13. You take out a 30-year mortgage for $300,000 at a 4.25% fixed interest rate. What is the total interest paid over the life of the loan? 14. A 20-year mortgage for $200,000 has a 4.5% fixed interest rate. What is the monthly mortgage payment? 15. You take out a 15-year mortgage for $150,000 at a 5% fixed interest rate. What is the total interest paid over the life of the loan? Page