Mortgage Payment at 5.5% on a $300,000 Home
At a 5.5% fixed rate, the monthly principal and interest payment on a $300,000 home (with 20% down) is $1,363. Total cost over 30 years: $490,570 ($250,570 in interest).
30-Year Fixed at 5.5%
$1,363
Monthly P&I
$250,570
Total Interest
$240,000
Loan Amount (20% down)
By Down Payment
| Down Payment | Loan Amount | Monthly P&I | Total Interest |
|---|---|---|---|
| 5% ($15,000) | $285,000 | $1,618 | $297,552 |
| 10% ($30,000) | $270,000 | $1,533 | $281,891 |
| 20% ($60,000) | $240,000 | $1,363 | $250,570 |
| 25% ($75,000) | $225,000 | $1,278 | $234,909 |
| 30% ($90,000) | $210,000 | $1,192 | $219,248 |
30-Year vs 15-Year at 5.5%
| Term | Rate | Monthly P&I | Total Interest |
|---|---|---|---|
| 30-Year Fixed | 5.5% | $1,363 | $250,570 |
| 15-Year Fixed | 5.1% | $1,905 | $102,975 |