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How much would I pay on a $500,000 mortgage?

Repayments, total interest and amortization to borrow with confidence.

When you’re ready to buy a home, the best way to budget is to understand how much you can realistically afford. That starts with knowing what your monthly payment will look like based on what kind of interest rate you can get from your lender.

You can start by using our calculator to see local rates on the house you want and how that affects your monthly payment.

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Monthly payments on a $500,000 mortgage by interest rate

At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $2,387.08 a month, while a 15-year might cost $3,698.44 a month.

Your total interest on a $500,000 mortgage

On a 30-year mortgage with a 4% fixed interest rate, you’ll pay $359,346.40 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 $165,719.10 in interest over the life of your loan — or about half of the interest you’d pay on a 30-year mortgage.

Compare mortgage lenders

Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.

1 - 6 of 6
Name Product Loan products offered State availability Min. credit score
Zero Mortgage
(NMLS #7872)
Zero Mortgage
Conventional, Jumbo, Refinance
Not available in: AK, ID, KY, MA, NV, NJ, NY, NC, VT, WA
620
Conventional purchase and refinance mortgages with zero application, underwriting and processing fees, and zero points.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
Morty
(NMLS #1429243)
Morty
Conventional, Jumbo
Not available in: AZ, HI, MA, MO, NV, UT
620
Preapproval in minutes and closing in as little as 3 weeks with no origination fees.
LendingTree
(NMLS #1136)
LendingTree
HELOC, Home Equity loans
Available in all states
620
Connect with vetted lenders quickly through this free online marketplace.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
620
Veterans United stands out from other lenders for its focus on serving the military community.
Freedom Mortgage
(NMLS #2767)
Freedom Mortgage
Conventional, Jumbo, FHA, VA, USDA, Refinance
Available in all states
620
A lender that excels in FHA and VA loans, offering low down payment options to borrowers.
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Compare up to 4 providers

How much do I need to make to afford a $500,000 house?

As a general rule, your mortgage payment shouldn’t exceed one-third of your monthly income. So with a 20% down payment on a 30-year mortgage and a 4% interest rate, you’d need to make at least $90,000 a year before tax. Ultimately, how much you need to make depends on your down payment, loan terms, taxes and insurance.

Amortization schedule

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 $500,000 mortgage at 4% fixed interest with our amortization schedule over 15 and 30 years.

YearBeginning balanceMonthly paymentTotal interest paidTotal principal paidTotal payed throught the yearRemaining balance
1$500,000.00$2,387.08$19,839.75$8,805.21$28,644.96$491,194.79
2$491,194.79$2,387.08$19,481.02$9,163.94$28,644.96$482,030.85
3$482,030.85$2,387.08$19,107.66$9,537.30$28,644.96$472,493.55
4$472,493.55$2,387.08$18,719.09$9,925.87$28,644.96$462,567.68
5$462,567.68$2,387.08$18,314.68$10,330.28$28,644.96$452,237.40
6$452,237.40$2,387.08$17,893.81$10,751.15$28,644.96$441,486.25
7$441,486.25$2,387.08$17,455.80$11,189.16$28,644.96$430,297.09
8$430,297.09$2,387.08$16,999.93$11,645.03$28,644.96$418,652.06
9$418,652.06$2,387.08$16,525.50$12,119.46$28,644.96$406,532.60
10$406,532.60$2,387.08$16,031.73$12,613.23$28,644.96$393,919.37
11$393,919.37$2,387.08$15,517.82$13,127.14$28,644.96$380,792.23
12$380,792.23$2,387.08$14,983.00$13,661.96$28,644.96$367,130.27
13$367,130.27$2,387.08$14,426.42$14,218.54$28,644.96$352,911.73
14$352,911.73$2,387.08$13,847.13$14,797.83$28,644.96$338,113.90
15$338,113.90$2,387.08$13,244.25$15,400.71$28,644.96$322,713.19
16$322,713.19$2,387.08$12,616.79$16,028.17$28,644.96$306,685.02
17$306,685.02$2,387.08$11,963.77$16,681.19$28,644.96$290,003.83
18$290,003.83$2,387.08$11,284.16$17,360.80$28,644.96$272,643.03
19$272,643.03$2,387.08$10,576.87$18,068.09$28,644.96$254,574.94
20$254,574.94$2,387.08$9,840.73$18,804.23$28,644.96$235,770.71
21$235,770.71$2,387.08$9,074.63$19,570.33$28,644.96$216,200.38
22$216,200.38$2,387.08$8,277.30$20,367.66$28,644.96$195,832.72
23$195,832.72$2,387.08$7,447.48$21,197.48$28,644.96$174,635.24
24$174,635.24$2,387.08$6,583.87$22,061.09$28,644.96$152,574.15
25$152,574.15$2,387.08$5,685.08$22,959.88$28,644.96$129,614.27
26$129,614.27$2,387.08$4,749.65$23,895.31$28,644.96$105,718.96
27$105,718.96$2,387.08$3,776.12$24,868.84$28,644.96$80,850.12
28$80,850.12$2,387.08$2,762.91$25,882.05$28,644.96$54,968.07
29$54,968.07$2,387.08$1,708.44$26,936.52$28,644.96$28,031.55
30$28,031.55$2,387.08$611.01$28,031.55$28,642.56$0.00
YearBeginning balanceMonthly paymentTotal interest paidTotal principal paidTotal payed throught the yearRemaining balance
1$500,000.00$3,698.44$19,548.00$24,833.28$44,381.28$475,166.72
2$475,166.72$3,698.44$18,536.25$25,845.03$44,381.28$449,321.69
3$449,321.69$3,698.44$17,483.29$26,897.99$44,381.28$422,423.70
4$422,423.70$3,698.44$16,387.43$27,993.85$44,381.28$394,429.85
5$394,429.85$3,698.44$15,246.90$29,134.38$44,381.28$365,295.47
6$365,295.47$3,698.44$14,059.94$30,321.34$44,381.28$334,974.13
7$334,974.13$3,698.44$12,824.59$31,556.69$44,381.28$303,417.44
8$303,417.44$3,698.44$11,538.93$32,842.35$44,381.28$270,575.09
9$270,575.09$3,698.44$10,200.89$34,180.39$44,381.28$236,394.70
10$236,394.70$3,698.44$8,808.33$35,572.95$44,381.28$200,821.75
11$200,821.75$3,698.44$7,359.02$37,022.26$44,381.28$163,799.49
12$163,799.49$3,698.44$5,850.69$38,530.59$44,381.28$125,268.90
13$125,268.90$3,698.44$4,280.89$40,100.39$44,381.28$85,168.51
14$85,168.51$3,698.44$2,647.13$41,734.15$44,381.28$43,434.36
15$43,434.36$3,698.44$946.82$43,434.36$44,381.18$0.00

Bottom line

Buying a house is among the biggest investments you’ll make. Know how much you might pay each month on your $500,000 mortgage — including how much of your payment goes toward your interest over the principal — when shopping for a lender.

Learn more about how home loans work in our comprehensive guide to mortgages.

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