30-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 30-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $227.12 | $41,762 | $81,762 |
| 6% | $239.82 | $46,335 | $86,335 |
| 6.5% | $252.83 | $51,018 | $91,018 |
| 6.9% ★ | $263.44 | $54,838 | $94,838 |
| 7% | $266.12 | $55,804 | $95,804 |
| 7.5% | $279.69 | $60,687 | $100,687 |
| 8% | $293.51 | $65,662 | $105,662 |
| 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: $368–$430/month