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How much would I pay on a $250,000 mortgage?

Find out repayments, total interest and amortization on a $250k home loan to borrow with confidence.

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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 $250,000 mortgage.

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Monthly payments on a $250,000 mortgage

At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $1,663 a month, while a 15-year might cost $2,247 a month.

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Your total interest on a $250,000 mortgage

On a 30-year mortgage with a 7.00% fixed interest rate, you’ll pay $348,772 in interest over your loan’s life. That’s about two-thirds of what you borrowed in interest.

If you instead opt for a 15-year mortgage, you’ll pay $154,473 in interest over your loan’s life — or about 46% 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 loan’s life. 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 $250,000 mortgage at 7.00% fixed interest with our amortization schedule over 15 and 30 years.

Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $250,000 $1,663 $17,420 $2,540 $19,959 $247,460
2 $247,460 $1,663 $17,236 $2,723 $19,959 $244,737
3 $244,737 $1,663 $17,039 $2,920 $19,959 $241,817
4 $241,817 $1,663 $16,828 $3,131 $19,959 $238,686
5 $238,686 $1,663 $16,602 $3,357 $19,959 $235,329
6 $235,329 $1,663 $16,359 $3,600 $19,959 $231,729
7 $231,729 $1,663 $16,099 $3,860 $19,959 $227,869
8 $227,869 $1,663 $15,820 $4,139 $19,959 $223,729
9 $223,729 $1,663 $15,520 $4,439 $19,959 $219,290
10 $219,290 $1,663 $15,200 $4,760 $19,959 $214,531
11 $214,531 $1,663 $14,855 $5,104 $19,959 $209,427
12 $209,427 $1,663 $14,487 $5,473 $19,959 $203,955
13 $203,955 $1,663 $14,091 $5,868 $19,959 $198,087
14 $198,087 $1,663 $13,667 $6,292 $19,959 $191,794
15 $191,794 $1,663 $13,212 $6,747 $19,959 $185,047
16 $185,047 $1,663 $12,724 $7,235 $19,959 $177,812
17 $177,812 $1,663 $12,201 $7,758 $19,959 $170,054
18 $170,054 $1,663 $11,640 $8,319 $19,959 $161,735
19 $161,735 $1,663 $11,039 $8,920 $19,959 $152,815
20 $152,815 $1,663 $10,394 $9,565 $19,959 $143,250
21 $143,250 $1,663 $9,703 $10,256 $19,959 $132,994
22 $132,994 $1,663 $8,961 $10,998 $19,959 $121,996
23 $121,996 $1,663 $8,166 $11,793 $19,959 $110,203
24 $110,203 $1,663 $7,314 $12,645 $19,959 $97,557
25 $97,557 $1,663 $6,399 $13,560 $19,959 $83,998
26 $83,998 $1,663 $5,419 $14,540 $19,959 $69,458
27 $69,458 $1,663 $4,368 $15,591 $19,959 $53,867
28 $53,867 $1,663 $3,241 $16,718 $19,959 $37,149
29 $37,149 $1,663 $2,033 $17,927 $19,959 $19,222
30 $19,222 $1,663 $737 $19,222 $19,959 $0
Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $250,000 $2,247 $17,190 $9,774 $26,965 $240,226
2 $240,226 $2,247 $16,484 $10,481 $26,965 $229,744
3 $229,744 $2,247 $15,726 $11,239 $26,965 $218,506
4 $218,506 $2,247 $14,914 $12,051 $26,965 $206,454
5 $206,454 $2,247 $14,042 $12,922 $26,965 $193,532
6 $193,532 $2,247 $13,108 $13,857 $26,965 $179,675
7 $179,675 $2,247 $12,107 $14,858 $26,965 $164,817
8 $164,817 $2,247 $11,032 $15,932 $26,965 $148,885
9 $148,885 $2,247 $9,881 $17,084 $26,965 $131,801
10 $131,801 $2,247 $8,646 $18,319 $26,965 $113,482
11 $113,482 $2,247 $7,321 $19,643 $26,965 $93,838
12 $93,838 $2,247 $5,901 $21,063 $26,965 $72,775
13 $72,775 $2,247 $4,379 $22,586 $26,965 $50,189
14 $50,189 $2,247 $2,746 $24,219 $26,965 $25,970
15 $25,970 $2,247 $995 $25,970 $26,965 $0

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