Well, well, well, looks like you've found yourself in a housing pickle! Let's crunch some numbers and find out just how ferocious that interest can be.
First, we need to determine your monthly mortgage payment. To do that, we'll use the magical formula known as the mortgage payment formula. It goes a little something like this:
Payment = P * (r(1+r)^n)/((1+r)^n - 1)
Where P is the principal amount (in this case $149,000), r is the monthly interest rate (7.5% divided by 12), and n is the number of payments (30 years multiplied by 12 months).
Once we plug the numbers into this equation and do some mathematical magic, we find that your monthly mortgage payment will be approximately $1,043.20.
Now, let's see how much total interest you'll end up shelling out over the span of those 30 years. Multiplied by 12 and then multiplied by 30, your total mortgage payments amount to a whopping $375,552.
Minus the original principal amount of $149,000, we find that you'll be dishing out approximately $226,552 in interest alone!
Ah, the joys of homeownership, where money seems to evaporate as quickly as a magic trick. But hey, at least you'll have a roof over your head to hide from any overly critical audience members.