30-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 30-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $4,088.08 | $751,709 | $1,471,709 |
| 6% | $4,316.76 | $834,035 | $1,554,035 |
| 6.5% | $4,550.89 | $918,320 | $1,638,320 |
| 6.9% ★ | $4,741.92 | $987,092 | $1,707,092 |
| 7% | $4,790.18 | $1,004,464 | $1,724,464 |
| 7.5% | $5,034.34 | $1,092,364 | $1,812,364 |
| 8% | $5,283.10 | $1,181,918 | $1,901,918 |
| 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: $6,617–$7,742/month