understanding a loan

[William Brown]

Hi I'm still in my beginner stage in real estate and I want to understand everything about real estate to be successful in real estate.  I get a little confused when it comes to loans like how much I would have to pay back to the lender. I don't know if I'm right or wrong about it but below please look at the info in the Financing assumptions  would I have to pay the lender back $766,440 from borrowing $320,000. Can someone please break it down for me thank you.

[Jeffery Griggs]

Hi William. That looks correct. Over the course of 30 years you will make 360 payments. That adds up to the 766K. Here is a link that explains mortgage amortization.

http://www.mtgprofessor.com/A%20-%20Amortization/h...

Hope this helps.