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Rate changes can impact your potential monthly payments by hundreds of dollars a month.
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Budgeting for your target home cost before you start your house search can really give you an advantage in understanding your true target home cost. And it starts with knowing what kinds of interest rates your local lenders have to offer.
Enter your ZIP code and other information into our calculator to compare rates available near you on the house you want — and see how they will affect your monthly payment.
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Subscribe to get notified when rates change
Rate changes can impact your potential monthly payments by hundreds of dollars a month.
Get alerted when the rates change and stay up-to-date with the latest in personal finance.
At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $1,995.91 a month, while a 15-year might cost $2,696.48 a month.
On a 30-year mortgage with a 7.00% fixed interest rate, you’ll pay $418,526.69 in interest over the life of your loan. That’s about two-thirds of what you borrowed in interest.
If you instead opt for a 15-year mortgage, you’ll pay $185,367.27 in interest over the life of your loan — or about half the interest you’d pay on a 30-year mortgage.
Even a quarter of a percent difference in your interest rate on a $300,000 loan can add $40 to $50 a month onto your mortgage payment and cost you more than $15,000 in interest over the life of your loan. But many borrowers don’t take the time to shop around for the best rate.
And as government surveys and studies have shown, interest rates offered between lenders can widely vary. Even different branches from a single lender might offer different rates for the same loan and borrower.
The only way to make sure you get the best rate for your mortgage is to compare lenders with your specific financial details for an accurate quote. Start your shopping with the lenders and lender marketplaces below. Select See rates to provide the company with basic property and financial details for personalized rates.
How much income you need depends on your down payment, loan terms, taxes and insurance. With a 20% down payment on a 30-year mortgage and a 7.00% interest rate, you need a household income of $70,000 yearly or more before tax.
When you take out a mortgage, you agree to pay the principal and interest over the life of the loan. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.
Amortization means that at the beginning of your loan, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your balance.
Estimate your monthly loan repayments on a $300,000 mortgage at 7.00% fixed interest with our amortization schedule over 15 and 30 years.
Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
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1 | $300,000.00 | $1,995.91 | $20,903.46 | $3,047.43 | $23,950.89 | $296,952.57 |
2 | $296,952.57 | $1,995.91 | $20,683.16 | $3,267.73 | $23,950.89 | $293,684.84 |
3 | $293,684.84 | $1,995.91 | $20,446.94 | $3,503.95 | $23,950.89 | $290,180.89 |
4 | $290,180.89 | $1,995.91 | $20,193.64 | $3,757.25 | $23,950.89 | $286,423.64 |
5 | $286,423.64 | $1,995.91 | $19,922.02 | $4,028.87 | $23,950.89 | $282,394.77 |
6 | $282,394.77 | $1,995.91 | $19,630.78 | $4,320.11 | $23,950.89 | $278,074.66 |
7 | $278,074.66 | $1,995.91 | $19,318.48 | $4,632.41 | $23,950.89 | $273,442.24 |
8 | $273,442.24 | $1,995.91 | $18,983.60 | $4,967.29 | $23,950.89 | $268,474.95 |
9 | $268,474.95 | $1,995.91 | $18,624.51 | $5,326.38 | $23,950.89 | $263,148.57 |
10 | $263,148.57 | $1,995.91 | $18,239.47 | $5,711.42 | $23,950.89 | $257,437.15 |
11 | $257,437.15 | $1,995.91 | $17,826.59 | $6,124.30 | $23,950.89 | $251,312.85 |
12 | $251,312.85 | $1,995.91 | $17,383.86 | $6,567.03 | $23,950.89 | $244,745.82 |
13 | $244,745.82 | $1,995.91 | $16,909.13 | $7,041.76 | $23,950.89 | $237,704.06 |
14 | $237,704.06 | $1,995.91 | $16,400.08 | $7,550.81 | $23,950.89 | $230,153.25 |
15 | $230,153.25 | $1,995.91 | $15,854.23 | $8,096.66 | $23,950.89 | $222,056.60 |
16 | $222,056.60 | $1,995.91 | $15,268.93 | $8,681.96 | $23,950.89 | $213,374.63 |
17 | $213,374.63 | $1,995.91 | $14,641.31 | $9,309.58 | $23,950.89 | $204,065.05 |
18 | $204,065.05 | $1,995.91 | $13,968.32 | $9,982.57 | $23,950.89 | $194,082.48 |
19 | $194,082.48 | $1,995.91 | $13,246.67 | $10,704.22 | $23,950.89 | $183,378.26 |
20 | $183,378.26 | $1,995.91 | $12,472.87 | $11,478.02 | $23,950.89 | $171,900.23 |
21 | $171,900.23 | $1,995.91 | $11,643.12 | $12,307.77 | $23,950.89 | $159,592.46 |
22 | $159,592.46 | $1,995.91 | $10,753.39 | $13,197.50 | $23,950.89 | $146,394.96 |
23 | $146,394.96 | $1,995.91 | $9,799.34 | $14,151.55 | $23,950.89 | $132,243.41 |
24 | $132,243.41 | $1,995.91 | $8,776.32 | $15,174.57 | $23,950.89 | $117,068.84 |
25 | $117,068.84 | $1,995.91 | $7,679.35 | $16,271.54 | $23,950.89 | $100,797.31 |
26 | $100,797.31 | $1,995.91 | $6,503.08 | $17,447.81 | $23,950.89 | $83,349.50 |
27 | $83,349.50 | $1,995.91 | $5,241.78 | $18,709.11 | $23,950.89 | $64,640.39 |
28 | $64,640.39 | $1,995.91 | $3,889.29 | $20,061.59 | $23,950.89 | $44,578.79 |
29 | $44,578.79 | $1,995.91 | $2,439.04 | $21,511.85 | $23,950.89 | $23,066.94 |
30 | $23,066.94 | $1,995.91 | $883.95 | $23,066.94 | $23,950.89 | $0.00 |
Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
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1 | $300,000.00 | $2,696.48 | $20,628.42 | $11,729.39 | $32,357.82 | $288,270.61 |
2 | $288,270.61 | $2,696.48 | $19,780.51 | $12,577.31 | $32,357.82 | $275,693.29 |
3 | $275,693.29 | $2,696.48 | $18,871.29 | $13,486.53 | $32,357.82 | $262,206.77 |
4 | $262,206.77 | $2,696.48 | $17,896.35 | $14,461.47 | $32,357.82 | $247,745.30 |
5 | $247,745.30 | $2,696.48 | $16,850.93 | $15,506.89 | $32,357.82 | $232,238.41 |
6 | $232,238.41 | $2,696.48 | $15,729.93 | $16,627.88 | $32,357.82 | $215,610.52 |
7 | $215,610.52 | $2,696.48 | $14,527.90 | $17,829.92 | $32,357.82 | $197,780.60 |
8 | $197,780.60 | $2,696.48 | $13,238.98 | $19,118.84 | $32,357.82 | $178,661.76 |
9 | $178,661.76 | $2,696.48 | $11,856.87 | $20,500.94 | $32,357.82 | $158,160.82 |
10 | $158,160.82 | $2,696.48 | $10,374.86 | $21,982.96 | $32,357.82 | $136,177.86 |
11 | $136,177.86 | $2,696.48 | $8,785.71 | $23,572.11 | $32,357.82 | $112,605.75 |
12 | $112,605.75 | $2,696.48 | $7,081.68 | $25,276.14 | $32,357.82 | $87,329.61 |
13 | $87,329.61 | $2,696.48 | $5,254.46 | $27,103.35 | $32,357.82 | $60,226.26 |
14 | $60,226.26 | $2,696.48 | $3,295.16 | $29,062.66 | $32,357.82 | $31,163.60 |
15 | $31,163.60 | $2,696.48 | $1,194.22 | $31,163.60 | $32,357.82 | $0.00 |
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