15-year loan · 20% down · 6.9% APR
Your monthly payment changes significantly with rate. Here's how a $80,000 loan ($100,000 with 20% down) compares across common rates for a 15-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $653.67 | $37,660 | $117,660 |
| 6% | $675.09 | $41,515 | $121,515 |
| 6.5% | $696.89 | $45,439 | $125,439 |
| 6.9% ★ | $714.60 | $48,628 | $128,628 |
| 7% | $719.06 | $49,431 | $129,431 |
| 7.5% | $741.61 | $53,490 | $133,490 |
| 8% | $764.52 | $57,614 | $137,614 |
| Term | Monthly Payment | Total Interest | Interest Saved vs 30yr |
|---|---|---|---|
| 15 years ★ | $714.60 | $48,628 | $0 saved |
| 20 years | $615.45 | $67,707 | $0 saved |
| 30 years | $526.88 | $109,677 | — |
Your mortgage payment is just part of total housing costs. Estimate the full picture:
Total housing cost estimate: $923–$1,048/month