I'm missing something here. Hoping for some clarity.

Hello BP Community,

I know I'm missing something (Or actually just flat out wrong) when trying to figure out this math equation of Mortgage (Principal and Interest). So I was hoping people here could educate me.

I'm trying to calculate the interest earned on a $100k loan over 15 years at 7%. Simple math tells me that 7% on a $100k loan is $7,000 in interest every year. $7k x 15 months is $105,000. Add to that the original $100k that was borrowed, the total received over 15 years should be $205,000. (In this equation, I am not considering taxes or insurance).

Using the BP mortgage calculator, I plugged in the same numbers $100k, 15 years, 7% and put a zero in the insurance and taxes section. The monthly payment that came out was $898.82. Multiply $898.82 by 12 months then by 15 years is only $161,787.60.

So why isn't it $205,000? What am I missing? Thank you in advance to everyone here.