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How much would I pay on an $850,000 mortgage?

Repayments, total interest and amortization to borrow with confidence.

Updated

Feb 7, 2023

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 an $850,000 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.

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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 an $850,000 mortgage

At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $5,655 a month, while a 15-year might cost $7,640 a month.

See your monthly payments by interest rate.

Interest	Mortgage term	Monthly payments
5.75%	15 years	$7,058
5.75%	30 years	$4,960
6.00%	15 years	$7,173
6.00%	30 years	$5,096
6.25%	15 years	$7,288
6.25%	30 years	$5,234
6.50%	15 years	$7,404
6.50%	30 years	$5,373
6.75%	15 years	$7,522
6.75%	30 years	$5,513
7.00%	15 years	$7,640
7.00%	30 years	$5,655
7.25%	15 years	$7,759
7.25%	30 years	$5,798
7.50%	15 years	$7,880
7.50%	30 years	$5,943
7.75%	15 years	$8,001
7.75%	30 years	$6,090
8.00%	15 years	$8,123
8.00%	30 years	$6,237
8.25%	15 years	$8,246
8.25%	30 years	$6,386

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 - 4 of 4

Name	Loan products offered	State availability	Min. credit score	‎
First Horizon (NMLS #472329)	Conventional, Portfolio, VA, Refinance	Only available in: AL, AR, FL, GA, LA, MO, MS, NC, NY, SC, TN, TX	620	See rates More Info	Multiple mortgage programs available in 12 states with no pre-payment fee.	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...
Rocket Mortgage (NMLS #3030)	Conventional, Jumbo, FHA, VA, Refinance	Available in all states	620	See rates (888) 329-4989	Apply online for free and lock in your rate for 90 days.	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...

Your total interest on an $850,000 mortgage

On a 30-year mortgage with a 7.00% fixed interest rate, you’ll pay $1,185,826 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 $525,207 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	$420,527
5.75%	30 years	$935,733
6.00%	15 years	$441,101
6.00%	30 years	$984,625
6.25%	15 years	$461,857
6.25%	30 years	$1,034,095
6.50%	15 years	$482,794
6.50%	30 years	$1,084,128
6.75%	15 years	$503,911
6.75%	30 years	$1,134,710
7.00%	15 years	$525,207
7.00%	30 years	$1,185,826
7.25%	15 years	$546,680
7.25%	30 years	$1,237,459
7.50%	15 years	$568,329
7.50%	30 years	$1,289,596
7.75%	15 years	$590,152
7.75%	30 years	$1,342,221
8.00%	15 years	$612,148
8.00%	30 years	$1,395,320
8.25%	15 years	$634,315
8.25%	30 years	$1,448,876

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 charges.

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 an $850,000 mortgage at a 7.00% 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 paid throughout the year	Remaining balance
1	$850,000	$5,655	$59,226	$8,634	$67,861	$841,366
2	$841,366	$5,655	$58,602	$9,259	$67,861	$832,107
3	$832,107	$5,655	$57,933	$9,928	$67,861	$822,179
4	$822,179	$5,655	$57,215	$10,646	$67,861	$811,534
5	$811,534	$5,655	$56,446	$11,415	$67,861	$800,119
6	$800,119	$5,655	$55,621	$12,240	$67,861	$787,878
7	$787,878	$5,655	$54,736	$13,125	$67,861	$774,753
8	$774,753	$5,655	$53,787	$14,074	$67,861	$760,679
9	$760,679	$5,655	$52,769	$15,091	$67,861	$745,588
10	$745,588	$5,655	$51,678	$16,182	$67,861	$729,405
11	$729,405	$5,655	$50,509	$17,352	$67,861	$712,053
12	$712,053	$5,655	$49,254	$18,607	$67,861	$693,446
13	$693,446	$5,655	$47,909	$19,952	$67,861	$673,495
14	$673,495	$5,655	$46,467	$21,394	$67,861	$652,101
15	$652,101	$5,655	$44,920	$22,941	$67,861	$629,160
16	$629,160	$5,655	$43,262	$24,599	$67,861	$604,561
17	$604,561	$5,655	$41,484	$26,377	$67,861	$578,184
18	$578,184	$5,655	$39,577	$28,284	$67,861	$549,900
19	$549,900	$5,655	$37,532	$30,329	$67,861	$519,572
20	$519,572	$5,655	$35,340	$32,521	$67,861	$487,051
21	$487,051	$5,655	$32,989	$34,872	$67,861	$452,179
22	$452,179	$5,655	$30,468	$37,393	$67,861	$414,786
23	$414,786	$5,655	$27,765	$40,096	$67,861	$374,690
24	$374,690	$5,655	$24,866	$42,995	$67,861	$331,695
25	$331,695	$5,655	$21,758	$46,103	$67,861	$285,592
26	$285,592	$5,655	$18,425	$49,435	$67,861	$236,157
27	$236,157	$5,655	$14,852	$53,009	$67,861	$183,148
28	$183,148	$5,655	$11,020	$56,841	$67,861	$126,307
29	$126,307	$5,655	$6,911	$60,950	$67,861	$65,356
30	$65,356	$5,655	$2,505	$65,356	$67,861	$0

Year	Beginning balance	Monthly payment	Total interest paid	Total principal paid	Total paid throughout the year	Remaining balance
1	$850,000	$7,640	$58,447	$33,233	$91,680	$816,767
2	$816,767	$7,640	$56,045	$35,636	$91,680	$781,131
3	$781,131	$7,640	$53,469	$38,212	$91,680	$742,919
4	$742,919	$7,640	$50,706	$40,974	$91,680	$701,945
5	$701,945	$7,640	$47,744	$43,936	$91,680	$658,009
6	$658,009	$7,640	$44,568	$47,112	$91,680	$610,896
7	$610,896	$7,640	$41,162	$50,518	$91,680	$560,378
8	$560,378	$7,640	$37,510	$54,170	$91,680	$506,208
9	$506,208	$7,640	$33,594	$58,086	$91,680	$448,122
10	$448,122	$7,640	$29,395	$62,285	$91,680	$385,837
11	$385,837	$7,640	$24,893	$66,788	$91,680	$319,050
12	$319,050	$7,640	$20,065	$71,616	$91,680	$247,434
13	$247,434	$7,640	$14,888	$76,793	$91,680	$170,641
14	$170,641	$7,640	$9,336	$82,344	$91,680	$88,297
15	$88,297	$7,640	$3,384	$88,297	$91,680	$0

Bottom line

Buying a house is among the biggest investments you’ll make. Know how much you might pay each month on your $850,000 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 technical SEO analyst at Regal and a former publisher at Finder, specializing in mortgages. She holds a BA in rhetoric and composition from the University of Tennessee, Knoxville.

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