15-year loan · 20% down · 6.9% APR
Your monthly payment changes significantly with rate. Here's how a $520,000 loan ($650,000 with 20% down) compares across common rates for a 15-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $4,248.83 | $244,790 | $764,790 |
| 6% | $4,388.06 | $269,850 | $789,850 |
| 6.5% | $4,529.76 | $295,356 | $815,356 |
| 6.9% ★ | $4,644.88 | $316,079 | $836,079 |
| 7% | $4,673.91 | $321,303 | $841,303 |
| 7.5% | $4,820.46 | $347,684 | $867,684 |
| 8% | $4,969.39 | $374,490 | $894,490 |
| Term | Monthly Payment | Total Interest | Interest Saved vs 30yr |
|---|---|---|---|
| 15 years ★ | $4,644.88 | $316,079 | $0 saved |
| 20 years | $4,000.40 | $440,096 | $0 saved |
| 30 years | $3,424.72 | $712,899 | — |
Your mortgage payment is just part of total housing costs. Estimate the full picture:
Total housing cost estimate: $5,999–$6,812/month