When you’re ready to buy a home, the best way to budget is to understand how much you can realistically afford. That starts with knowing what your monthly payment will look like based on what kind of interest rate you can get from your lender. You can start by using our calculator to see local rates on the house you want and how that affects 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. You can enter the annual percentage rate (APR) — which includes interest and fees combined — if you have this information available.
Select Calculate.
Review your results.
Monthly payments on a $500,000 mortgage by interest rate
At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $3,327 a month, while a 15-year might cost $4,494 a month.
Interest
Mortgage term
Monthly payments
5.75%
15 years
$4,152
5.75%
30 years
$2,918
6.00%
15 years
$4,219
6.00%
30 years
$2,998
6.25%
15 years
$4,287
6.25%
30 years
$3,079
6.50%
15 years
$4,356
6.50%
30 years
$3,160
6.75%
15 years
$4,425
6.75%
30 years
$3,243
7.00%
15 years
$4,494
7.00%
30 years
$3,327
7.25%
15 years
$4,564
7.25%
30 years
$3,411
7.50%
15 years
$4,635
7.50%
30 years
$3,496
7.75%
15 years
$4,706
7.75%
30 years
$3,582
8.00%
15 years
$4,778
8.00%
30 years
$3,669
8.25%
15 years
$4,851
8.25%
30 years
$3,756
Your total interest on a $500,000 mortgage
On a 30-year mortgage with a 7.00% fixed interest rate, you’ll pay $697,544 in interest over the loan’s life. That’s more than what you borrowed in interest. If you instead opt for a 15-year mortgage, you’ll pay $308,945 in interest over the loan’s life — or less than half of the interest you’d pay on a 30-year mortgage.
Interest
Mortgage term
Total interest charged
5.75%
15 years
$247,369
5.75%
30 years
$550,431
6.00%
15 years
$259,471
6.00%
30 years
$579,191
6.25%
15 years
$271,681
6.25%
30 years
$608,291
6.50%
15 years
$283,997
6.50%
30 years
$637,722
6.75%
15 years
$296,419
6.75%
30 years
$667,477
7.00%
15 years
$308,945
7.00%
30 years
$697,544
7.25%
15 years
$321,577
7.25%
30 years
$727,917
7.50%
15 years
$334,311
7.50%
30 years
$758,586
7.75%
15 years
$347,148
7.75%
30 years
$789,542
8.00%
15 years
$360,087
8.00%
30 years
$820,776
8.25%
15 years
$373,126
8.25%
30 years
$852,280
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How much do I need to make to afford a $500,000 house?
As a general rule, your mortgage payment shouldn’t exceed one-third of your monthly income. So, with a 20% down payment on a 30-year mortgage and a 7.00% interest rate, you’d need to make at least $96,000 a year before tax. Ultimately, how much you need to make depends on your down payment, loan terms, taxes and insurance.
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 a big percentage of your payment is applied to interest at the beginning of your loan. With each subsequent payment, you pay more toward your principal. Estimate your monthly loan repayments on a $500,000 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 $500,000 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.
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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