15-year loan · 20% down · 6.9% APR
Your monthly payment changes significantly with rate. Here's how a $600,000 loan ($750,000 with 20% down) compares across common rates for a 15-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $4,902.50 | $282,450 | $882,450 |
| 6% | $5,063.14 | $311,365 | $911,365 |
| 6.5% | $5,226.64 | $340,796 | $940,796 |
| 6.9% ★ | $5,359.48 | $364,707 | $964,707 |
| 7% | $5,392.97 | $370,735 | $970,735 |
| 7.5% | $5,562.07 | $401,173 | $1,001,173 |
| 8% | $5,733.91 | $432,104 | $1,032,104 |
| Term | Monthly Payment | Total Interest | Interest Saved vs 30yr |
|---|---|---|---|
| 15 years ★ | $5,359.48 | $364,707 | $0 saved |
| 20 years | $4,615.85 | $507,803 | $0 saved |
| 30 years | $3,951.60 | $822,576 | — |
Your mortgage payment is just part of total housing costs. Estimate the full picture:
Total housing cost estimate: $6,922–$7,859/month