30-year loan · 20% down · 6.9% APR
Your monthly payment changes significantly with rate. Here's how a $200,000 loan ($250,000 with 20% down) compares across common rates for a 30-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $1,135.58 | $208,808 | $408,808 |
| 6% | $1,199.10 | $231,676 | $431,676 |
| 6.5% | $1,264.14 | $255,089 | $455,089 |
| 6.9% ★ | $1,317.20 | $274,192 | $474,192 |
| 7% | $1,330.60 | $279,018 | $479,018 |
| 7.5% | $1,398.43 | $303,434 | $503,434 |
| 8% | $1,467.53 | $328,310 | $528,310 |
| Term | Monthly Payment | Total Interest | Interest Saved vs 30yr |
|---|---|---|---|
| 15 years | $1,786.49 | $121,569 | $0 saved |
| 20 years | $1,538.62 | $169,268 | $0 saved |
| 30 years ★ | $1,317.20 | $274,192 | — |
Your mortgage payment is just part of total housing costs. Estimate the full picture:
Total housing cost estimate: $1,838–$2,151/month