Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
How much would I pay on a $550,000 mortgage?
Repayments, total interest and amortization to borrow with confidence.
Mortgage Guides
Compare mortgage rates in your area
How To:
Loan Types
Term Length
If you’re ready to buy a home, you might wonder how to budget for your target home cost. Here’s a breakdown of what you might face monthly, in interest and over the life of a $550,000 mortgage.
Monthly mortgage payment calculator
See how much you'll pay for your home| Your loan |
|---|
| Loan amount |
|
$
|
| Loan terms (in years) |
|
|
| Interest rate |
|
$
%
|
Fill out the form and click on “Calculate” to see your estimated monthly payment.
or
Compare lendersBased on your loan terms...
You can expect to pay back $ per monthThis breaks down to...
$ in principal and $ in interest charged, with a total cost of $ Compare lendersMonthly payments on a $550,000 mortgage
At a 4% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $2,625.78 a month, while a 15-year might cost $4,068.28 a month.
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.
Alternatively, use the form below to compare rates from multiple lenders on LendingTree's secure site.
Your total interest on a $550,000 mortgage
On a 30-year mortgage with a 4% fixed interest rate, you’ll pay $395,283.51 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 $182,291.22 in interest over the life of your loan — or about half of the interest you’d pay on a 30-year mortgage.
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 $550,000 mortgage at 4% fixed interest with our amortization schedule over 15 and 30 years.
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total payed throught the year | Remaining balance |
|---|---|---|---|---|---|---|
| 1 | $550,000.00 | $2,625.78 | $21,823.70 | $9,685.66 | $31,509.36 | $540,314.34 |
| 2 | $540,314.34 | $2,625.78 | $21,429.11 | $10,080.25 | $31,509.36 | $530,234.09 |
| 3 | $530,234.09 | $2,625.78 | $21,018.45 | $10,490.91 | $31,509.36 | $519,743.18 |
| 4 | $519,743.18 | $2,625.78 | $20,591.00 | $10,918.36 | $31,509.36 | $508,824.82 |
| 5 | $508,824.82 | $2,625.78 | $20,146.14 | $11,363.22 | $31,509.36 | $497,461.60 |
| 6 | $497,461.60 | $2,625.78 | $19,683.21 | $11,826.15 | $31,509.36 | $485,635.45 |
| 7 | $485,635.45 | $2,625.78 | $19,201.40 | $12,307.96 | $31,509.36 | $473,327.49 |
| 8 | $473,327.49 | $2,625.78 | $18,699.94 | $12,809.42 | $31,509.36 | $460,518.07 |
| 9 | $460,518.07 | $2,625.78 | $18,178.06 | $13,331.30 | $31,509.36 | $447,186.77 |
| 10 | $447,186.77 | $2,625.78 | $17,634.94 | $13,874.42 | $31,509.36 | $433,312.35 |
| 11 | $433,312.35 | $2,625.78 | $17,069.68 | $14,439.68 | $31,509.36 | $418,872.67 |
| 12 | $418,872.67 | $2,625.78 | $16,481.38 | $15,027.98 | $31,509.36 | $403,844.69 |
| 13 | $403,844.69 | $2,625.78 | $15,869.10 | $15,640.26 | $31,509.36 | $388,204.43 |
| 14 | $388,204.43 | $2,625.78 | $15,231.90 | $16,277.46 | $31,509.36 | $371,926.97 |
| 15 | $371,926.97 | $2,625.78 | $14,568.74 | $16,940.62 | $31,509.36 | $354,986.35 |
| 16 | $354,986.35 | $2,625.78 | $13,878.57 | $17,630.79 | $31,509.36 | $337,355.56 |
| 17 | $337,355.56 | $2,625.78 | $13,160.25 | $18,349.11 | $31,509.36 | $319,006.45 |
| 18 | $319,006.45 | $2,625.78 | $12,412.67 | $19,096.69 | $31,509.36 | $299,909.76 |
| 19 | $299,909.76 | $2,625.78 | $11,634.66 | $19,874.70 | $31,509.36 | $280,035.06 |
| 20 | $280,035.06 | $2,625.78 | $10,824.93 | $20,684.43 | $31,509.36 | $259,350.63 |
| 21 | $259,350.63 | $2,625.78 | $9,982.18 | $21,527.18 | $31,509.36 | $237,823.45 |
| 22 | $237,823.45 | $2,625.78 | $9,105.13 | $22,404.23 | $31,509.36 | $215,419.22 |
| 23 | $215,419.22 | $2,625.78 | $8,192.35 | $23,317.01 | $31,509.36 | $192,102.21 |
| 24 | $192,102.21 | $2,625.78 | $7,242.41 | $24,266.95 | $31,509.36 | $167,835.26 |
| 25 | $167,835.26 | $2,625.78 | $6,253.72 | $25,255.64 | $31,509.36 | $142,579.62 |
| 26 | $142,579.62 | $2,625.78 | $5,224.78 | $26,284.58 | $31,509.36 | $116,295.04 |
| 27 | $116,295.04 | $2,625.78 | $4,153.89 | $27,355.47 | $31,509.36 | $88,939.57 |
| 28 | $88,939.57 | $2,625.78 | $3,039.40 | $28,469.96 | $31,509.36 | $60,469.61 |
| 29 | $60,469.61 | $2,625.78 | $1,879.49 | $29,629.87 | $31,509.36 | $30,839.74 |
| 30 | $30,839.74 | $2,625.78 | $672.33 | $30,839.74 | $31,512.07 | $0.00 |
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total payed throught the year | Remaining balance |
|---|---|---|---|---|---|---|
| 1 | $550,000.00 | $4,068.28 | $21,502.80 | $27,316.56 | $48,819.36 | $522,683.44 |
| 2 | $522,683.44 | $4,068.28 | $20,389.89 | $28,429.47 | $48,819.36 | $494,253.97 |
| 3 | $494,253.97 | $4,068.28 | $19,231.61 | $29,587.75 | $48,819.36 | $464,666.22 |
| 4 | $464,666.22 | $4,068.28 | $18,026.18 | $30,793.18 | $48,819.36 | $433,873.04 |
| 5 | $433,873.04 | $4,068.28 | $16,771.61 | $32,047.75 | $48,819.36 | $401,825.29 |
| 6 | $401,825.29 | $4,068.28 | $15,465.92 | $33,353.44 | $48,819.36 | $368,471.85 |
| 7 | $368,471.85 | $4,068.28 | $14,107.06 | $34,712.30 | $48,819.36 | $333,759.55 |
| 8 | $333,759.55 | $4,068.28 | $12,692.84 | $36,126.52 | $48,819.36 | $297,633.03 |
| 9 | $297,633.03 | $4,068.28 | $11,221.00 | $37,598.36 | $48,819.36 | $260,034.67 |
| 10 | $260,034.67 | $4,068.28 | $9,689.18 | $39,130.18 | $48,819.36 | $220,904.49 |
| 11 | $220,904.49 | $4,068.28 | $8,094.94 | $40,724.42 | $48,819.36 | $180,180.07 |
| 12 | $180,180.07 | $4,068.28 | $6,435.76 | $42,383.60 | $48,819.36 | $137,796.47 |
| 13 | $137,796.47 | $4,068.28 | $4,709.00 | $44,110.36 | $48,819.36 | $93,686.11 |
| 14 | $93,686.11 | $4,068.28 | $2,911.89 | $45,907.47 | $48,819.36 | $47,778.64 |
| 15 | $47,778.64 | $4,068.28 | $1,041.54 | $47,778.64 | $48,820.18 | $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 $550,000 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.
More guides on Finder
-
How President Biden’s administration can affect mortgage rates
Biden took office on Wednesday, but interest rates didn’t seem to take much note. Here’s the outlook for the year ahead.
-
Is the low-rate mortgage window closing?
Industry experts predict mortgage rates will move past 3% this year, but that doesn’t mean refinancing is off the table.
-
US mortgage statistics
We take a look at national home loan data & trends and speculate where the mortgage market is heading.
-
How much does health insurance cost?
Most working Americans pay around $1,489 in premiums each year. Compare costs now.
-
Mortgage life insurance vs. term life insurance
Mortgage life insurance may be a good fit for people with serious health conditions, otherwise term life insurance offers more value and flexibility.
-
How much disability insurance do I need?
You won’t be able to replace all of your income with disability insurance, but you can buy enough to cover your biggest monthly bills.
-
How would you spend your savings?
In the age of #adulting, Finder asks Americans what their financial priorities are and what they’re most willing to dip into their savings for.
-
How does PayPal.Me work?
Learn how to create a custom link for your PayPal account and what you can use it for.
-
Senior driving stats
Compare the good and the risky sides of driving when you’re a senior.
-
The states most at risk to identity theft and credit card fraud ranked
If you’re not a fan of fraud, learn what states to avoid living in, including the top 10 metropolitan areas with the highest and lowest levels of identity theft.
Ask an Expert