30-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 30-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $3,406.73 | $626,424 | $1,226,424 |
| 6% | $3,597.30 | $695,029 | $1,295,029 |
| 6.5% | $3,792.41 | $765,267 | $1,365,267 |
| 6.9% ★ | $3,951.60 | $822,576 | $1,422,576 |
| 7% | $3,991.81 | $837,053 | $1,437,053 |
| 7.5% | $4,195.29 | $910,303 | $1,510,303 |
| 8% | $4,402.59 | $984,931 | $1,584,931 |
| 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: $5,514–$6,452/month