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.

Britny Lawhorn

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.

Monthly mortgage payment calculator

See how much you'll pay for your home

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

Based on your loan terms...

You can expect to pay back $ per month

This breaks down to...

$ in principal and $ in interest charged, with a total cost of $ Compare lenders

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 and brokers

Compare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.

Name	Loan products offered	State availability	Min. credit score
Morty (NMLS #1429243)	Conventional, Jumbo, Refinance	AL, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, MD, ME, MI, MN, MS, MT, NC, NE, NJ, NM, OH, OK, OR, PA, SC, TN, VA, WA, WI, WV	660	Preapproval in minutes and closing in as little as 3 weeks with no origination fees.	See rates More Info	loading Fetching your data...
SoFi (NMLS #1121636)	Conventional, Home equity, Refinance	Not available in: HI, MO, NM, NY, WV	620	No hidden fees, multiple loan terms, and member discounts available.	See rates More Info	loading Fetching your data...
Rocket Mortgage (NMLS #3030)	Conventional, Jumbo, FHA, VA, Refinance	Available in all states	620	Streamline your mortgage from quote to final payment — all from your computer or phone.	See rates More Info	loading Fetching your data...
Better (NMLS #330511)	Conventional, Jumbo, FHA, Refinance	Not available in: HI, MA, MN, NV, NH, VT, VA	620	Online preapproval in minutes and no origination fees with this direct lender.	See rates More Info	loading Fetching your data...
LendingTree (NMLS #1136)	Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance	Available in all states	620	Connect with vetted home loan lenders quickly through this online marketplace.	See rates More Info	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 publisher for Finder who specializes in mortgages. She’s here to help readers get a better deal when they buy or refinance a home. Prior to joining Finder, she spent more than 5 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 dabbles in photography.

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

More guides on Finder

Car accident statistics
Find out which states have the most and the least deadly car accidents per vehicle miles driven.
Energy costs by state
Which states have the most expensive and cheapest energy costs?
Best and worst states to retire
The best and worst states to retire based on affordability; crime and poverty; culture; weather and location; and health and wellbeing.
Worst drivers by state in 2021
TBH, we’re a bit surprised.
How to start investing in your 20s: 7 tips for beginners
7 tips for starting a portfolio if you’re new to investing.
How to get life insurance after a DUI or driving offense
A poor driving record may result in higher rates on your life insurance, with some insurers turning you away altogether.
Bitcoin price struggling to stay above water at $30,000
Bitcoin is losing market share to coins like ETH, UNI and DOT as the price struggles to stay above $30,000 while interest fades.
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.
Electric vehicles in 2021: How new models, insurance rates and tax breaks affect their cost to own
See average EV insurance rates for 2021 based on Finder’s car model research, plus new models on the horizon.

Ask an Expert

Click here to cancel reply.

Display Name

Your Email (will not be published)

Your Question

I agree to Finder’s terms of use and privacy and cookie policy, and I opt in to receive email from Finder

Subscribe me to Finder’s free weekly newsletter for budgeting tools, timely news and savings essentials to take control of your finances

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

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

Based on your loan terms...

This breaks down to...

How to use this mortgage repayment calculator

Monthly payments on a $550,000 mortgage

See your monthly payments by interest rate.

Compare mortgage lenders and brokers

Compare up to 4 providers

Your total interest on a $550,000 mortgage

See how much you'd pay in total interest based on the interest rate.

Amortization schedule

Bottom line

Britny Lawhorn

More guides on Finder

Ask an Expert

Advertiser Disclosure