15-year loan · 20% down · 6.9% APR
Your monthly payment changes significantly with rate. Here's how a $640,000 loan ($800,000 with 20% down) compares across common rates for a 15-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $5,229.33 | $301,280 | $941,280 |
| 6% | $5,400.68 | $332,123 | $972,123 |
| 6.5% | $5,575.09 | $363,516 | $1,003,516 |
| 6.9% ★ | $5,716.78 | $389,020 | $1,029,020 |
| 7% | $5,752.50 | $395,450 | $1,035,450 |
| 7.5% | $5,932.88 | $427,918 | $1,067,918 |
| 8% | $6,116.17 | $460,911 | $1,100,911 |
| Term | Monthly Payment | Total Interest | Interest Saved vs 30yr |
|---|---|---|---|
| 15 years ★ | $5,716.78 | $389,020 | $0 saved |
| 20 years | $4,923.57 | $541,657 | $0 saved |
| 30 years | $4,215.04 | $877,415 | — |
Your mortgage payment is just part of total housing costs. Estimate the full picture:
Total housing cost estimate: $7,383–$8,383/month