15-year loan · 20% down · 6.9% APR
Your monthly payment changes significantly with rate. Here's how a $440,000 loan ($550,000 with 20% down) compares across common rates for a 15-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $3,595.17 | $207,130 | $647,130 |
| 6% | $3,712.97 | $228,335 | $668,335 |
| 6.5% | $3,832.87 | $249,917 | $689,917 |
| 6.9% ★ | $3,930.29 | $267,451 | $707,451 |
| 7% | $3,954.84 | $271,872 | $711,872 |
| 7.5% | $4,078.85 | $294,194 | $734,194 |
| 8% | $4,204.87 | $316,876 | $756,876 |
| Term | Monthly Payment | Total Interest | Interest Saved vs 30yr |
|---|---|---|---|
| 15 years ★ | $3,930.29 | $267,451 | $0 saved |
| 20 years | $3,384.95 | $372,389 | $0 saved |
| 30 years | $2,897.84 | $603,223 | — |
Your mortgage payment is just part of total housing costs. Estimate the full picture:
Total housing cost estimate: $5,076–$5,764/month