Mortgage Payment at 7.5% on a $300,000 Home
At a 7.5% fixed rate, the monthly principal and interest payment on a $300,000 home (with 20% down) is $1,678. Total cost over 30 years: $604,121 ($364,121 in interest).
30-Year Fixed at 7.5%
$1,678
Monthly P&I
$364,121
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 | $1,993 | $432,394 |
| 10% ($30,000) | $270,000 | $1,888 | $409,637 |
| 20% ($60,000) | $240,000 | $1,678 | $364,121 |
| 25% ($75,000) | $225,000 | $1,573 | $341,364 |
| 30% ($90,000) | $210,000 | $1,468 | $318,606 |
30-Year vs 15-Year at 7.5%
| Term | Rate | Monthly P&I | Total Interest |
|---|---|---|---|
| 30-Year Fixed | 7.5% | $1,678 | $364,121 |
| 15-Year Fixed | 6.9% | $2,144 | $145,883 |