[Radiohead Girl A.]

mortgage and monthly payment? So the price of a condo is $180,000. The bank requires a 5% down payment and the cost of the condo is financed with a 30 year fixed-rate mortgage at 8%.The mortgage, as I calculated, is $171,000. I also used the formula to figure out that the monthly payment is $66.04 approximately.The total cost of interest over 30 years should be 360 x 66.04 (which equals 23774) - 171,000 (the mortgage) but that gives me a negative number, which is impossible.What am I doing wrong? =(