30-year loan · 20% down · 6.9% APR
Your monthly payment changes significantly with rate. Here's how a $280,000 loan ($350,000 with 20% down) compares across common rates for a 30-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $1,589.81 | $292,331 | $572,331 |
| 6% | $1,678.74 | $324,347 | $604,347 |
| 6.5% | $1,769.79 | $357,125 | $637,125 |
| 6.9% ★ | $1,844.08 | $383,869 | $663,869 |
| 7% | $1,862.85 | $390,625 | $670,625 |
| 7.5% | $1,957.80 | $424,808 | $704,808 |
| 8% | $2,054.54 | $459,635 | $739,635 |
| Term | Monthly Payment | Total Interest | Interest Saved vs 30yr |
|---|---|---|---|
| 15 years | $2,501.09 | $170,196 | $0 saved |
| 20 years | $2,154.06 | $236,975 | $0 saved |
| 30 years ★ | $1,844.08 | $383,869 | — |
Your mortgage payment is just part of total housing costs. Estimate the full picture:
Total housing cost estimate: $2,573–$3,011/month