{"menuItems":[{"label":"Monthly payments on a $700,000 mortgage","anchorName":"#monthly-payments-on-a-700-000-mortgage"},{"label":"Compare mortgage lenders","anchorName":"#compare"},{"label":"Your total interest on a $700,000 mortgage","anchorName":"#your-total-interest-on-a-700-000-mortgage"},{"label":"Amortization schedule","anchorName":"#amortization-schedule"},{"label":"Bottom line","anchorName":"#bottom-line"}]}
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 $700,000 mortgage.
Enter how much you want to borrow under Loan amount.
Type in your mortgage term in years (not months) under the Loan terms field.
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.
Select Calculate.
Review your results.
Monthly payments on a $700,000 mortgage
At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year $700,000 mortgage might total $4,657 a month, while a 15-year might cost $6,292 a month.
See your monthly payments by interest rate.
Interest
Mortgage term
Monthly payments
5.75%
15 years
$5,813
5.75%
30 years
$4,085
6.00%
15 years
$5,907
6.00%
30 years
$4,197
6.25%
15 years
$6,002
6.25%
30 years
$4,310
6.50%
15 years
$6,098
6.50%
30 years
$4,424
6.75%
15 years
$6,194
6.75%
30 years
$4,540
7.00%
15 years
$6,292
7.00%
30 years
$4,657
7.25%
15 years
$6,390
7.25%
30 years
$4,775
7.50%
15 years
$6,489
7.50%
30 years
$4,895
7.75%
15 years
$6,589
7.75%
30 years
$5,015
8.00%
15 years
$6,690
8.00%
30 years
$5,136
8.25%
15 years
$6,791
8.25%
30 years
$5,259
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.
Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
On a 30-year $700,000 mortgage with a 7.00% fixed interest rate, you’ll pay $976,562 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 $432,524 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
5.75%
15 years
$346,317
5.75%
30 years
$770,604
6.00%
15 years
$363,260
6.00%
30 years
$810,867
6.25%
15 years
$380,353
6.25%
30 years
$851,607
6.50%
15 years
$397,595
6.50%
30 years
$892,811
6.75%
15 years
$414,986
6.75%
30 years
$934,467
7.00%
15 years
$432,524
7.00%
30 years
$976,562
7.25%
15 years
$450,207
7.25%
30 years
$1,019,084
7.50%
15 years
$468,036
7.50%
30 years
$1,062,021
7.75%
15 years
$486,007
7.75%
30 years
$1,105,359
8.00%
15 years
$504,122
8.00%
30 years
$1,149,087
8.25%
15 years
$522,377
8.25%
30 years
$1,193,192
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 principal.
Estimate your monthly loan repayments on a $700,000 mortgage at 7.00% fixed interest with our amortization schedule over 15 and 30 years.
Buying a house is among the biggest investments you’ll make. Know how much you might pay each month on your $700,000 mortgage — including how much of your payment goes toward your interest over the principal — when shopping for a lender.
Jing Jun Ma is a tech and data expert with more than a decade of experience in digital marketing and programming. He wrangles data to make it useful for consumers facing a decision.
Cornerstone Home Lending offers a standard list of mortgage loans with some portfolio options, but you have to contact a loan officer for rates and fees.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Advertiser Disclosure
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
