15-year loan · 20% down · 6.9% APR
Your monthly payment changes significantly with rate. Here's how a $1,400,000 loan ($1,750,000 with 20% down) compares across common rates for a 15-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $11,439.17 | $659,050 | $2,059,050 |
| 6% | $11,814.00 | $726,519 | $2,126,519 |
| 6.5% | $12,195.50 | $795,191 | $2,195,191 |
| 6.9% ★ | $12,505.46 | $850,982 | $2,250,982 |
| 7% | $12,583.60 | $865,047 | $2,265,047 |
| 7.5% | $12,978.17 | $936,071 | $2,336,071 |
| 8% | $13,379.13 | $1,008,243 | $2,408,243 |
| Term | Monthly Payment | Total Interest | Interest Saved vs 30yr |
|---|---|---|---|
| 15 years ★ | $12,505.46 | $850,982 | $0 saved |
| 20 years | $10,770.31 | $1,184,874 | $0 saved |
| 30 years | $9,220.40 | $1,919,345 | — |
Your mortgage payment is just part of total housing costs. Estimate the full picture:
Total housing cost estimate: $16,151–$18,339/month