30-year loan · 20% down · 6.9% APR
Your monthly payment changes significantly with rate. Here's how a $160,000 loan ($200,000 with 20% down) compares across common rates for a 30-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $908.46 | $167,046 | $327,046 |
| 6% | $959.28 | $185,341 | $345,341 |
| 6.5% | $1,011.31 | $204,071 | $364,071 |
| 6.9% ★ | $1,053.76 | $219,354 | $379,354 |
| 7% | $1,064.48 | $223,214 | $383,214 |
| 7.5% | $1,118.74 | $242,748 | $402,748 |
| 8% | $1,174.02 | $262,648 | $422,648 |
| Term | Monthly Payment | Total Interest | Interest Saved vs 30yr |
|---|---|---|---|
| 15 years | $1,429.19 | $97,255 | $0 saved |
| 20 years | $1,230.89 | $135,414 | $0 saved |
| 30 years ★ | $1,053.76 | $219,354 | — |
Your mortgage payment is just part of total housing costs. Estimate the full picture:
Total housing cost estimate: $1,470–$1,720/month