Mortgage Payment at 6.5% on a $300,000 Home
At a 6.5% fixed rate, the monthly principal and interest payment on a $300,000 home (with 20% down) is $1,517. Total cost over 30 years: $546,107 ($306,107 in interest).
30-Year Fixed at 6.5%
$1,517
Monthly P&I
$306,107
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 | $1,801 | $363,502 |
| 10% ($30,000) | $270,000 | $1,707 | $344,370 |
| 20% ($60,000) | $240,000 | $1,517 | $306,107 |
| 25% ($75,000) | $225,000 | $1,422 | $286,975 |
| 30% ($90,000) | $210,000 | $1,327 | $267,843 |
30-Year vs 15-Year at 6.5%
| Term | Rate | Monthly P&I | Total Interest |
|---|---|---|---|
| 30-Year Fixed | 6.5% | $1,517 | $306,107 |
| 15-Year Fixed | 6.0% | $2,023 | $124,080 |