Mortgage Payment at 7% on a $300,000 Home
At a 7% fixed rate, the monthly principal and interest payment on a $300,000 home (with 20% down) is $1,597. Total cost over 30 years: $574,821 ($334,821 in interest).
30-Year Fixed at 7%
$1,597
Monthly P&I
$334,821
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 | $1,896 | $397,600 |
| 10% ($30,000) | $270,000 | $1,796 | $376,674 |
| 20% ($60,000) | $240,000 | $1,597 | $334,821 |
| 25% ($75,000) | $225,000 | $1,497 | $313,895 |
| 30% ($90,000) | $210,000 | $1,397 | $292,969 |
30-Year vs 15-Year at 7%
| Term | Rate | Monthly P&I | Total Interest |
|---|---|---|---|
| 30-Year Fixed | 7.0% | $1,597 | $334,821 |
| 15-Year Fixed | 6.4% | $2,083 | $134,895 |