Mortgage Payment at 8% on a $500,000 Home
At a 8% fixed rate, the monthly principal and interest payment on a $500,000 home (with 20% down) is $2,935. Total cost over 30 years: $1,056,621 ($656,621 in interest).
30-Year Fixed at 8%
$2,935
Monthly P&I
$656,621
Total Interest
$400,000
Loan Amount (20% down)
By Down Payment
| Down Payment | Loan Amount | Monthly P&I | Total Interest |
|---|---|---|---|
| 5% ($25,000) | $475,000 | $3,485 | $779,737 |
| 10% ($50,000) | $450,000 | $3,302 | $738,699 |
| 20% ($100,000) | $400,000 | $2,935 | $656,621 |
| 25% ($125,000) | $375,000 | $2,752 | $615,582 |
| 30% ($150,000) | $350,000 | $2,568 | $574,543 |
30-Year vs 15-Year at 8%
| Term | Rate | Monthly P&I | Total Interest |
|---|---|---|---|
| 30-Year Fixed | 8.0% | $2,935 | $656,621 |
| 15-Year Fixed | 7.4% | $3,676 | $261,734 |