15-year loan · 20% down · 6.9% APR
Your monthly payment changes significantly with rate. Here's how a $40,000 loan ($50,000 with 20% down) compares across common rates for a 15-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $326.83 | $18,830 | $58,830 |
| 6% | $337.54 | $20,758 | $60,758 |
| 6.5% | $348.44 | $22,720 | $62,720 |
| 6.9% ★ | $357.30 | $24,314 | $64,314 |
| 7% | $359.53 | $24,716 | $64,716 |
| 7.5% | $370.80 | $26,745 | $66,745 |
| 8% | $382.26 | $28,807 | $68,807 |
| Term | Monthly Payment | Total Interest | Interest Saved vs 30yr |
|---|---|---|---|
| 15 years ★ | $357.30 | $24,314 | $0 saved |
| 20 years | $307.72 | $33,854 | $0 saved |
| 30 years | $263.44 | $54,838 | — |
Your mortgage payment is just part of total housing costs. Estimate the full picture:
Total housing cost estimate: $461–$524/month