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I am applying for an FHA loan from Wells Fargo and just got my loan package back and was suprised to find out the amount that I will have paid after I have made all payments as scheduled would be 391,000. The loan is only 175,000. The interest rate is 6.5756 over a 30 yr loan. Does this sound right. This is the first time I have tried to buy a house. Thanks

Your loan amount is $175,000. You're paying 6.5756% APR. 175,000 X 6.5756% = 11,507.30. $11,507.30 / 12 months = $958.94(interest paid on your first payment). Assuming the actual loan amount was $175,000, your payment would be approximately $1115. $1115 - $958.94 =$156.06. This amount will be applied toward your principal,taxes, and insurance. In the beginning, the majority of your payment goes towards interest. As the amount owed on the principal decreases the ratio tilts more in your favor. Over a thirty year loan you will have about 360 payments. As you can see from the math above you do pay a lot of money in interest. The good news is you can write it off and you should get most of it back in equity over the life of the loan!

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Applying for loan and having dept is the main cause which can make people lost their.
I don't what is your principle amount and how much you are paying as interest.
Just I am wondering about the problem you might face due to misguidance.
You can learn about credits and dept before you proceed for loan.
You can take advice from financial working company, which would provide you perfect guidance and you can have Debt relief solutions.

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