15-year loan · 20% down · 6.9% APR
Your monthly payment changes significantly with rate. Here's how a $480,000 loan ($600,000 with 20% down) compares across common rates for a 15-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $3,922.00 | $225,960 | $705,960 |
| 6% | $4,050.51 | $249,092 | $729,092 |
| 6.5% | $4,181.32 | $272,637 | $752,637 |
| 6.9% ★ | $4,287.58 | $291,765 | $771,765 |
| 7% | $4,314.38 | $296,588 | $776,588 |
| 7.5% | $4,449.66 | $320,939 | $800,939 |
| 8% | $4,587.13 | $345,683 | $825,683 |
| Term | Monthly Payment | Total Interest | Interest Saved vs 30yr |
|---|---|---|---|
| 15 years ★ | $4,287.58 | $291,765 | $0 saved |
| 20 years | $3,692.68 | $406,243 | $0 saved |
| 30 years | $3,161.28 | $658,061 | — |
Your mortgage payment is just part of total housing costs. Estimate the full picture:
Total housing cost estimate: $5,538–$6,288/month