30-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 30-year term:
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5.5% | $4,315.20 | $793,471 | $1,553,471 |
| 6% | $4,556.58 | $880,370 | $1,640,370 |
| 6.5% | $4,803.72 | $969,338 | $1,729,338 |
| 6.9% ★ | $5,005.36 | $1,041,930 | $1,801,930 |
| 7% | $5,056.30 | $1,060,268 | $1,820,268 |
| 7.5% | $5,314.03 | $1,153,051 | $1,913,051 |
| 8% | $5,576.61 | $1,247,580 | $2,007,580 |
| 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: $6,985–$8,172/month