15-year loan · 20% down · 6.9% APR
Your monthly payment changes significantly with rate. Here's how a $720,000 loan ($900,000 with 20% down) compares across common rates for a 15-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $5,883.00 | $338,940 | $1,058,940 |
| 6% | $6,075.77 | $373,638 | $1,093,638 |
| 6.5% | $6,271.97 | $408,955 | $1,128,955 |
| 6.9% ★ | $6,431.38 | $437,648 | $1,157,648 |
| 7% | $6,471.56 | $444,881 | $1,164,881 |
| 7.5% | $6,674.49 | $481,408 | $1,201,408 |
| 8% | $6,880.70 | $518,525 | $1,238,525 |
| Term | Monthly Payment | Total Interest | Interest Saved vs 30yr |
|---|---|---|---|
| 15 years ★ | $6,431.38 | $437,648 | $0 saved |
| 20 years | $5,539.02 | $609,364 | $0 saved |
| 30 years | $4,741.92 | $987,092 | — |
Your mortgage payment is just part of total housing costs. Estimate the full picture:
Total housing cost estimate: $8,306–$9,431/month