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How much would I pay on a $500,000 mortgage?

Calculate repayments, total interest and amortization on a $500k home loan to borrow with confidence.

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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. As of August 26, 2024 the national average 30-year mortgage rate is sitting at 6.53% according to Bankrate. However, your rate also depends on your personal financial factors and credit history. Here’s a breakdown of what you might face monthly, in interest and over the life of a $500,000 mortgage.

You can start by using our calculator to see local rates on the house you want and how that affects your monthly payment.

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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.

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.

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Name Product USFHL Loan products offered State availability Min. credit score
Rocket Mortgage
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Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
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620
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Veterans United
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Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
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620
Veterans United stands out from other lenders for its focus on serving the military community.
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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.

Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $500,000 $3,327 $34,839 $5,079 $39,918 $494,921
2 $494,921 $3,327 $34,472 $5,446 $39,918 $489,475
3 $489,475 $3,327 $34,078 $5,840 $39,918 $483,635
4 $483,635 $3,327 $33,656 $6,262 $39,918 $477,373
5 $477,373 $3,327 $33,203 $6,715 $39,918 $470,658
6 $470,658 $3,327 $32,718 $7,200 $39,918 $463,458
7 $463,458 $3,327 $32,197 $7,721 $39,918 $455,737
8 $455,737 $3,327 $31,639 $8,279 $39,918 $447,458
9 $447,458 $3,327 $31,041 $8,877 $39,918 $438,581
10 $438,581 $3,327 $30,399 $9,519 $39,918 $429,062
11 $429,062 $3,327 $29,711 $10,207 $39,918 $418,855
12 $418,855 $3,327 $28,973 $10,945 $39,918 $407,910
13 $407,910 $3,327 $28,182 $11,736 $39,918 $396,173
14 $396,173 $3,327 $27,333 $12,585 $39,918 $383,589
15 $383,589 $3,327 $26,424 $13,494 $39,918 $370,094
16 $370,094 $3,327 $25,448 $14,470 $39,918 $355,624
17 $355,624 $3,327 $24,402 $15,516 $39,918 $340,108
18 $340,108 $3,327 $23,281 $16,638 $39,918 $323,471
19 $323,471 $3,327 $22,078 $17,840 $39,918 $305,630
20 $305,630 $3,327 $20,788 $19,130 $39,918 $286,500
21 $286,500 $3,327 $19,405 $20,513 $39,918 $265,987
22 $265,987 $3,327 $17,922 $21,996 $39,918 $243,992
23 $243,992 $3,327 $16,332 $23,586 $39,918 $220,406
24 $220,406 $3,327 $14,627 $25,291 $39,918 $195,115
25 $195,115 $3,327 $12,799 $27,119 $39,918 $167,996
26 $167,996 $3,327 $10,838 $29,080 $39,918 $138,916
27 $138,916 $3,327 $8,736 $31,182 $39,918 $107,734
28 $107,734 $3,327 $6,482 $33,436 $39,918 $74,298
29 $74,298 $3,327 $4,065 $35,853 $39,918 $38,445
30 $38,445 $3,327 $1,473 $38,445 $39,918 $0
Year Beginning balance Monthly payment Total interest paid Total principal paid Total paid throughout the year Remaining balance
1 $500,000 $4,494 $34,381 $19,549 $53,930 $480,451
2 $480,451 $4,494 $32,968 $20,962 $53,930 $459,489
3 $459,489 $4,494 $31,452 $22,478 $53,930 $437,011
4 $437,011 $4,494 $29,827 $24,102 $53,930 $412,909
5 $412,909 $4,494 $28,085 $25,845 $53,930 $387,064
6 $387,064 $4,494 $26,217 $27,713 $53,930 $359,351
7 $359,351 $4,494 $24,213 $29,717 $53,930 $329,634
8 $329,634 $4,494 $22,065 $31,865 $53,930 $297,770
9 $297,770 $4,494 $19,761 $34,168 $53,930 $263,601
10 $263,601 $4,494 $17,291 $36,638 $53,930 $226,963
11 $226,963 $4,494 $14,643 $39,287 $53,930 $187,676
12 $187,676 $4,494 $11,803 $42,127 $53,930 $145,549
13 $145,549 $4,494 $8,757 $45,172 $53,930 $100,377
14 $100,377 $4,494 $5,492 $48,438 $53,930 $51,939
15 $51,939 $4,494 $1,990 $51,939 $53,930 $0

Bottom line

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.

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To make sure you get accurate and helpful information, this guide has been edited by Megan B. Shepherd as part of our fact-checking process.
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Written by

Staff writer

Heather Petty was a personal finance writer at Finder, specializing in home and personal loans. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing and analysis has been featured on MSN, Credit.com and MediaFeed, among other top media. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She earned a BA in English with a minor in journalism from the University of Nevada, Reno. See full bio

Heather's expertise
Heather has written 106 Finder guides across topics including:
  • Home loans
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