For a fixed-rate loan, the monthly payment is M = P × i ÷ (1 − (1 + i)−n), where P is the amount borrowed, i is the annual rate ÷ 12 and n is the number of monthly payments. The table shows principal and interest only for every $100,000 borrowed. Scale it: for $350,000, multiply by 3.5.
| Rate | 30-year payment | 15-year payment | 30-year total interest | 15-year total interest |
|---|---|---|---|---|
| 4.0% | $477.42 | $739.69 | $71,870 | $33,144 |
| 4.5% | $506.69 | $764.99 | $82,407 | $37,699 |
| 5.0% | $536.82 | $790.79 | $93,256 | $42,343 |
| 5.5% | $567.79 | $817.08 | $104,404 | $47,075 |
| 6.0% | $599.55 | $843.86 | $115,838 | $51,894 |
| 6.5% | $632.07 | $871.11 | $127,544 | $56,799 |
| 7.0% | $665.30 | $898.83 | $139,509 | $61,789 |
| 7.5% | $699.21 | $927.01 | $151,717 | $66,862 |
| 8.0% | $733.76 | $955.65 | $164,155 | $72,017 |
What is not included
Your real monthly cost usually also includes property tax, homeowners insurance and possibly mortgage insurance or HOA fees. When comparing offers, the CFPB explains that the APR includes the interest rate plus certain fees, so it is a better way to compare total loan cost than the rate alone.
Frequently asked questions
Why is the 15-year payment higher but cheaper overall?
You repay faster, so less interest builds up over the life of the loan.
Is the interest rate the same as the APR?
No. The APR also includes points and some lender fees, so it is usually higher.
Sources
Last reviewed 2026-10-29. General information only, not medical, financial or legal advice.