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.
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, you can enter the annual percentage rate (APR), which includes interest and fees combined.
Click Calculate.
Review your results.
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.
Interest
Mortgage term
Monthly payments
5.75%
15 years
$3,322
5.75%
30 years
$2,334
6.00%
15 years
$3,375
6.00%
30 years
$2,398
6.25%
15 years
$3,430
6.25%
30 years
$2,463
6.50%
15 years
$3,484
6.50%
30 years
$2,528
6.75%
15 years
$3,540
6.75%
30 years
$2,594
7.00%
15 years
$3,595
7.00%
30 years
$2,661
7.25%
15 years
$3,651
7.25%
30 years
$2,729
7.50%
15 years
$3,708
7.50%
30 years
$2,797
7.75%
15 years
$3,765
7.75%
30 years
$2,866
8.00%
15 years
$3,823
8.00%
30 years
$2,935
8.25%
15 years
$3,881
8.25%
30 years
$3,005
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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.
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.
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.
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.
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