15-year loan · 20% down · 6.9% APR
Your monthly payment changes significantly with rate. Here's how a $760,000 loan ($950,000 with 20% down) compares across common rates for a 15-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $6,209.83 | $357,770 | $1,117,770 |
| 6% | $6,413.31 | $394,396 | $1,154,396 |
| 6.5% | $6,620.42 | $431,675 | $1,191,675 |
| 6.9% ★ | $6,788.68 | $461,962 | $1,221,962 |
| 7% | $6,831.09 | $469,597 | $1,229,597 |
| 7.5% | $7,045.29 | $508,153 | $1,268,153 |
| 8% | $7,262.96 | $547,332 | $1,307,332 |
| Term | Monthly Payment | Total Interest | Interest Saved vs 30yr |
|---|---|---|---|
| 15 years ★ | $6,788.68 | $461,962 | $0 saved |
| 20 years | $5,846.74 | $643,217 | $0 saved |
| 30 years | $5,005.36 | $1,041,930 | — |
Your mortgage payment is just part of total housing costs. Estimate the full picture:
Total housing cost estimate: $8,768–$9,955/month