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

How much would I pay on a $400,000 mortgage?

Calculate repayments, total interest and amortization on a $400k home loan to borrow with confidence.

Finder's pick

See rates

Apply online for free and lock in your rate for 90 days.

  • Fast service
  • More flexibility
  • Prepayment is OK
  • Complete your application online

When you’re ready to buy a home, understanding how to budget for your target home cost is a great first step. We’ve provided a breakdown of what you might face monthly and over the life of your $400,000 mortgage. But you can also get started by using our calculator to compare local rates on the house you want and how that might translate into your monthly payment.

Monthly mortgage payment calculator

See how much you'll pay for your home
Your loan
Loan amount
$
Loan terms (in years)
Interest rate
%

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

or

Compare lenders
You can expect to pay back $ per month
Based on your loan terms
Principal $
Interest $
Total Cost $

Monthly payments on a $400,000 mortgage

At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $2,661 a month, while a 15-year might cost $3,595 a month.

See your monthly payments by interest rate.

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.

Name Product Loan products offered State availability Min. credit score
Rocket Mortgage
Not rated yet
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Apply online for free and lock in your rate for 90 days.
Veterans United
Not rated yet
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
620
Veterans United stands out from other lenders for its focus on serving the military community.
loading

Your total interest on a $400,000 mortgage

On a 30-year mortgage with a 7.00% fixed interest rate, you may pay around $558,036 in interest over the loan’s life.

If you instead opt for a 15-year mortgage, you’ll pay less interest, around $247,156 in interest over the loan’s life — or about half of the interest you’d pay on a 30-year mortgage.

The average home loan interest rate

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 principal.

Estimate your monthly loan repayments on a $400,000 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 $400,000 $3,595 $27,505 $15,639 $43,144 $384,361
2 $384,361 $3,595 $26,374 $16,770 $43,144 $367,591
3 $367,591 $3,595 $25,162 $17,982 $43,144 $349,609
4 $349,609 $3,595 $23,862 $19,282 $43,144 $330,327
5 $330,327 $3,595 $22,468 $20,676 $43,144 $309,651
6 $309,651 $3,595 $20,973 $22,171 $43,144 $287,481
7 $287,481 $3,595 $19,371 $23,773 $43,144 $263,707
8 $263,707 $3,595 $17,652 $25,492 $43,144 $238,216
9 $238,216 $3,595 $15,809 $27,335 $43,144 $210,881
10 $210,881 $3,595 $13,833 $29,311 $43,144 $181,570
11 $181,570 $3,595 $11,714 $31,429 $43,144 $150,141
12 $150,141 $3,595 $9,442 $33,702 $43,144 $116,439
13 $116,439 $3,595 $7,006 $36,138 $43,144 $80,302
14 $80,302 $3,595 $4,394 $38,750 $43,144 $41,551
15 $41,551 $3,595 $1,592 $41,551 $43,144 $0
Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $400,000 $2,661 $27,871 $4,063 $31,935 $395,937
2 $395,937 $2,661 $27,578 $4,357 $31,935 $391,580
3 $391,580 $2,661 $27,263 $4,672 $31,935 $386,908
4 $386,908 $2,661 $26,925 $5,010 $31,935 $381,898
5 $381,898 $2,661 $26,563 $5,372 $31,935 $376,526
6 $376,526 $2,661 $26,174 $5,760 $31,935 $370,766
7 $370,766 $2,661 $25,758 $6,177 $31,935 $364,590
8 $364,590 $2,661 $25,311 $6,623 $31,935 $357,967
9 $357,967 $2,661 $24,833 $7,102 $31,935 $350,865
10 $350,865 $2,661 $24,319 $7,615 $31,935 $343,250
11 $343,250 $2,661 $23,769 $8,166 $31,935 $335,084
12 $335,084 $2,661 $23,178 $8,756 $31,935 $326,328
13 $326,328 $2,661 $22,546 $9,389 $31,935 $316,939
14 $316,939 $2,661 $21,867 $10,068 $31,935 $306,871
15 $306,871 $2,661 $21,139 $10,796 $31,935 $296,075
16 $296,075 $2,661 $20,359 $11,576 $31,935 $284,500
17 $284,500 $2,661 $19,522 $12,413 $31,935 $272,087
18 $272,087 $2,661 $18,624 $13,310 $31,935 $258,777
19 $258,777 $2,661 $17,662 $14,272 $31,935 $244,504
20 $244,504 $2,661 $16,630 $15,304 $31,935 $229,200
21 $229,200 $2,661 $15,524 $16,410 $31,935 $212,790
22 $212,790 $2,661 $14,338 $17,597 $31,935 $195,193
23 $195,193 $2,661 $13,066 $18,869 $31,935 $176,325
24 $176,325 $2,661 $11,702 $20,233 $31,935 $156,092
25 $156,092 $2,661 $10,239 $21,695 $31,935 $134,396
26 $134,396 $2,661 $8,671 $23,264 $31,935 $111,133
27 $111,133 $2,661 $6,989 $24,945 $31,935 $86,187
28 $86,187 $2,661 $5,186 $26,749 $31,935 $59,438
29 $59,438 $2,661 $3,252 $28,682 $31,935 $30,756
30 $30,756 $2,661 $1,179 $30,756 $31,935 $0

Bottom line

Buying a house is among the biggest investments you’ll make. Know how much you might pay each month on your $400,000 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.

Avatar

Written by

Jing Jun Ma

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. See full profile

More guides on Finder

Ask a 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.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site