Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure

How much would I pay on a $550,000 mortgage?

Repayments, total interest and amortization to borrow with confidence.

Updated Dec 30, 2020

Fact checked

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.

Your loan
Loan amount
$
Loan terms (in years)

Interest rate
%

Calculate

Fill out the form and click on “Calculate” to see your estimated monthly payment.

Compare lenders

You can expect to pay back $ per month

Based on your loan terms

Principal	$
Interest	$
Total Cost	$

1. Enter how much you want to borrow under Loan amount.
2. Type in your mortgage term in years (not months) under the Loan terms field.
3. Enter the loan’s interest rate if it doesn’t come with any fees under Interest rate. Note that your monthly mortgage payments will vary depending on your interest rate, taxes, PMI costs and other related fees. If you have this information available, you can enter the annual percentage rate (APR), which includes interest and fees combined.
4. Click Calculate.
5. Review your results.

Monthly 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.

See your monthly payments by interest rate.

Interest	Mortgage term	Monthly payments
3.0%	15 years	$3,798.20
3.0%	30 years	$2,318.82
3.25%	15 years	$3,864.68
3.25%	30 years	$2,393.63
3.5%	15 years	$3,931.85
3.5%	30 years	$2,469
3.75%	15 years	$3,999.72
3.75%	30 years	$2,547.14
4.0%	15 years	$4,068.28
4.0%	30 years	$2,625.78
4.25%	15 years	$4,137.53
4.25%	30 years	$2,705.67
4.5%	15 years	$4,207.46
4.5%	30 years	$2,786.77
4.75%	15 years	$4,278.08
4.75%	30 years	$2,869.06
5.0%	15 years	$4,349.36
5.0%	30 years	$2,952.52
5.25%	15 years	$4,421.33
5.25%	30 years	$3,037.12
5.5%	15 years	$4,493.96
5.5%	30 years	$3,122.84

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 - 5 of 5

Name	Loan products offered	State availability	Min. credit score	‎
Rocket Mortgage (NMLS #3030)	Conventional, Jumbo, FHA, VA, Refinance	Available in all states	620	See rates More Info	Streamline your mortgage from quote to final payment — all from your computer or phone.	loading Fetching your data...
Morty (NMLS #1429243)	Conventional, Jumbo	Not available in: AZ, HI, MA, MO, NV, UT	620	See rates More Info	Preapproval in minutes and closing in as little as 3 weeks with no origination fees.	loading Fetching your data...
LendingTree (NMLS #1136)	HELOC, Home Equity loans	Available in all states	620	See rates More Info	Connect with vetted lenders quickly through this free online marketplace.	loading Fetching your data...
Veterans United (NMLS #1907)	Conventional, FHA, VA, USDA, Jumbo, Refinance	Available in all states	620	See rates More Info	Veterans United stands out from other lenders for its focus on serving the military community.	loading Fetching your data...
Freedom Mortgage (NMLS #2767)	Conventional, Jumbo, FHA, VA, USDA, Refinance	Available in all states	620	See rates More Info	A lender that excels in FHA and VA loans, offering low down payment options to borrowers.	loading Fetching your data...

Compare up to 4 providers

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.

Interest	Mortgage term	Total interest charged
3.0%	15 years	$133,675.78
3.0%	30 years	$284,776.53
3.25%	15 years	$145,641.94
3.25%	30 years	$311,709.53
3.5%	15 years	$157,733.89
3.5%	30 years	$339,107.25
3.75%	15 years	$169,950.43
3.75%	30 years	$366,967.66
4.0%	15 years	$182,291.22
4.0%	30 years	$395,283.51
4.25%	15 years	$194,755.75
4.25%	30 years	$424,040.88
4.5%	15 years	$207,343.60
4.5%	30 years	$453,236.58
4.75%	15 years	$220,053.17
4.75%	30 years	$482,861.91
5.0%	15 years	$232,886.11
5.0%	30 years	$512,906.48
5.25%	15 years	$245,838.65
5.25%	30 years	$543,363.63
5.5%	15 years	$258,912.40
5.5%	30 years	$574,221.85

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.

30-year loan
15-year loan

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.

Thank you for your feedback!

Britny Lawhorn

Britny Lawhorn is a former publisher for Finder who specialized in mortgages. She helped readers get a better deal when they bought or refinanced a home. Prior to joining Finder, she spent over five years working in marketing agencies where she helped businesses grow their audience. She attended the University of Tennessee, where she earned a degree in English. In her free time, she enjoys traveling, volunteer work and dabbling in photography.

How much would I pay on a $500,000 mortgage? How to get preapproved for an FHA loan

More guides on Finder

FHA cash-out refinance: What to know
What is an FHA cash-out refinance and who is it best for?
Cash-out refinance rates
Check out current rates for cash-out refinancing.
Tax implications of a cash-out refinance
How a home cash-out refinance can affect your taxes — and it’s good news.
How to cash-out refinance a rental property
You’ll need a minimum credit score of 680, cash reserves and at least 25% equity to qualify.
Cash-out vs. no cash-out refinance
The choice of whether to get cash out when you refinance depends on your needs. We explain the key differences to help you narrow down your choice.
VA cash-out refinance
Lets you replace your current loan with a VA loan and get cash out.
How an FHA Streamline Refinance works
FHA Streamline Refinance: The pros, cons and benefits to borrowers.
Zero Mortgage review
Learn about Interfirst’s $0-origination-fee mortgages.
Guaranteed Rate vs. Rocket Mortgage
How Guaranteed Rate and Rocket Mortgage stack up against each other.
Credible vs. SoFi
How Credible and SoFi stack up against each other.

Ask an Expert

Click here to cancel reply.

Display Name

Your Email (will not be published)

Your Question

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

How much would I pay on a $550,000 mortgage?

Repayments, total interest and amortization to borrow with confidence.

In this guide

Mortgage guides

How to:

Loan types

We compare the following lenders and brokers

Term length

Monthly mortgage payment calculator