30-year loan · 20% down · 6.9% APR
Your monthly payment changes significantly with rate. Here's how a $120,000 loan ($150,000 with 20% down) compares across common rates for a 30-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $681.35 | $125,285 | $245,285 |
| 6% | $719.46 | $139,006 | $259,006 |
| 6.5% | $758.48 | $153,053 | $273,053 |
| 6.9% ★ | $790.32 | $164,515 | $284,515 |
| 7% | $798.36 | $167,411 | $287,411 |
| 7.5% | $839.06 | $182,061 | $302,061 |
| 8% | $880.52 | $196,986 | $316,986 |
| Term | Monthly Payment | Total Interest | Interest Saved vs 30yr |
|---|---|---|---|
| 15 years | $1,071.90 | $72,941 | $0 saved |
| 20 years | $923.17 | $101,561 | $0 saved |
| 30 years ★ | $790.32 | $164,515 | — |
Your mortgage payment is just part of total housing costs. Estimate the full picture:
Total housing cost estimate: $1,103–$1,290/month