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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 $700,000 mortgage.
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 available, you can enter the annual percentage rate (APR), which includes interest and fees combined.
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Monthly payments on a $700,000 mortgage
At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year $700,000 mortgage might total $4,657 a month, while a 15-year might cost $6,292 a month.
See your monthly payments by interest rate.
Interest
Mortgage term
Monthly payments
5.75%
15 years
$5,813
5.75%
30 years
$4,085
6.00%
15 years
$5,907
6.00%
30 years
$4,197
6.25%
15 years
$6,002
6.25%
30 years
$4,310
6.50%
15 years
$6,098
6.50%
30 years
$4,424
6.75%
15 years
$6,194
6.75%
30 years
$4,540
7.00%
15 years
$6,292
7.00%
30 years
$4,657
7.25%
15 years
$6,390
7.25%
30 years
$4,775
7.50%
15 years
$6,489
7.50%
30 years
$4,895
7.75%
15 years
$6,589
7.75%
30 years
$5,015
8.00%
15 years
$6,690
8.00%
30 years
$5,136
8.25%
15 years
$6,791
8.25%
30 years
$5,259
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On a 30-year $700,000 mortgage with a 7.00% fixed interest rate, you’ll pay $976,562 in interest over the life of your loan. That’s about two-thirds of what you borrowed in interest. If you instead opt for a 15-year mortgage, you’ll pay $432,524 in interest over the life of your loan — or about half of the interest you’d pay on a 30-year mortgage.
Interest
Mortgage term
Total interest charged
5.75%
15 years
$346,317
5.75%
30 years
$770,604
6.00%
15 years
$363,260
6.00%
30 years
$810,867
6.25%
15 years
$380,353
6.25%
30 years
$851,607
6.50%
15 years
$397,595
6.50%
30 years
$892,811
6.75%
15 years
$414,986
6.75%
30 years
$934,467
7.00%
15 years
$432,524
7.00%
30 years
$976,562
7.25%
15 years
$450,207
7.25%
30 years
$1,019,084
7.50%
15 years
$468,036
7.50%
30 years
$1,062,021
7.75%
15 years
$486,007
7.75%
30 years
$1,105,359
8.00%
15 years
$504,122
8.00%
30 years
$1,149,087
8.25%
15 years
$522,377
8.25%
30 years
$1,193,192
Amortization schedule
When you take out a mortgage, you agree to pay the principal and interest over the life of the loan. 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 $700,000 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 $700,000 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.
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