15-year loan · 20% down · 6.9% APR
Your monthly payment changes significantly with rate. Here's how a $680,000 loan ($850,000 with 20% down) compares across common rates for a 15-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $5,556.17 | $320,110 | $1,000,110 |
| 6% | $5,738.23 | $352,881 | $1,032,881 |
| 6.5% | $5,923.53 | $386,235 | $1,066,235 |
| 6.9% ★ | $6,074.08 | $413,334 | $1,093,334 |
| 7% | $6,112.03 | $420,166 | $1,100,166 |
| 7.5% | $6,303.68 | $454,663 | $1,134,663 |
| 8% | $6,498.43 | $489,718 | $1,169,718 |
| Term | Monthly Payment | Total Interest | Interest Saved vs 30yr |
|---|---|---|---|
| 15 years ★ | $6,074.08 | $413,334 | $0 saved |
| 20 years | $5,231.29 | $575,510 | $0 saved |
| 30 years | $4,478.48 | $932,253 | — |
Your mortgage payment is just part of total housing costs. Estimate the full picture:
Total housing cost estimate: $7,845–$8,907/month