30-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 30-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $3,633.85 | $668,186 | $1,308,186 |
| 6% | $3,837.12 | $741,364 | $1,381,364 |
| 6.5% | $4,045.24 | $816,285 | $1,456,285 |
| 6.9% ★ | $4,215.04 | $877,415 | $1,517,415 |
| 7% | $4,257.94 | $892,857 | $1,532,857 |
| 7.5% | $4,474.97 | $970,990 | $1,610,990 |
| 8% | $4,696.09 | $1,050,594 | $1,690,594 |
| 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: $5,882–$6,882/month