Questions:
I purchased a property that cost $900,000 using a 30-year mortgage for 70% of the total price while funding the remaining amount from a savings account. The mortgage rate is 5.5% annually. 

How much of the first monthly payment will go towards principal? How much will go towards interest?

What's the total amount of interest to be paid over the entire life of the loan?

Reference answers:
We can calculate the monthly payment using:
PMT = P * (r * (1 + r)^n) / ((1 + r)^n - 1)

Where:

PMT = Monthly payment
P = Loan principal
r = Monthly interest rate
n = Number of payments

This gives us a monthly payment (P&I) of $3,577.07. The interest portion can be calculated as (r * P), which gives us a value of $2,887.50. Therefore, the principal portion of the mortgage will be $3,577.07 - $2,887.50, or $689.57.

The monthly principal and interest (P&I) payment is $3,577.07, and it will be paid over 360 months.

Total P&I payments: $3,577.07 × 360 = $1,287,745.20

Breakdown of total payments:

Original loan principal: $630,000
Total interest paid: $1,287,745.20 - $630,000 = $657,745.20
The total interest paid over the life of the loan is $657,745.20.