|
Your loan
|
|---|
| Loan amount |
|
$
|
| Loan terms (in years) |
|
|
| Interest rate |
|
%
|
or
Compare lenders| Principal | $ |
|---|---|
| Interest | $ |
| Total Cost | $ |
At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $5,322 a month, while a 15-year might cost $7,191 a month.
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 charges.
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 balance.
Estimate your monthly loan repayments on an $800,000 mortgage at a 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 | $800,000 | $5,322 | $55,743 | $8,126 | $63,869 | $791,874 |
| 2 | $791,874 | $5,322 | $55,155 | $8,714 | $63,869 | $783,160 |
| 3 | $783,160 | $5,322 | $54,525 | $9,344 | $63,869 | $773,816 |
| 4 | $773,816 | $5,322 | $53,850 | $10,019 | $63,869 | $763,796 |
| 5 | $763,796 | $5,322 | $53,125 | $10,744 | $63,869 | $753,053 |
| 6 | $753,053 | $5,322 | $52,349 | $11,520 | $63,869 | $741,532 |
| 7 | $741,532 | $5,322 | $51,516 | $12,353 | $63,869 | $729,179 |
| 8 | $729,179 | $5,322 | $50,623 | $13,246 | $63,869 | $715,933 |
| 9 | $715,933 | $5,322 | $49,665 | $14,204 | $63,869 | $701,730 |
| 10 | $701,730 | $5,322 | $48,639 | $15,230 | $63,869 | $686,499 |
| 11 | $686,499 | $5,322 | $47,538 | $16,331 | $63,869 | $670,168 |
| 12 | $670,168 | $5,322 | $46,357 | $17,512 | $63,869 | $652,656 |
| 13 | $652,656 | $5,322 | $45,091 | $18,778 | $63,869 | $633,878 |
| 14 | $633,878 | $5,322 | $43,734 | $20,135 | $63,869 | $613,742 |
| 15 | $613,742 | $5,322 | $42,278 | $21,591 | $63,869 | $592,151 |
| 16 | $592,151 | $5,322 | $40,717 | $23,152 | $63,869 | $568,999 |
| 17 | $568,999 | $5,322 | $39,043 | $24,826 | $63,869 | $544,173 |
| 18 | $544,173 | $5,322 | $37,249 | $26,620 | $63,869 | $517,553 |
| 19 | $517,553 | $5,322 | $35,324 | $28,545 | $63,869 | $489,009 |
| 20 | $489,009 | $5,322 | $33,261 | $30,608 | $63,869 | $458,401 |
| 21 | $458,401 | $5,322 | $31,048 | $32,821 | $63,869 | $425,580 |
| 22 | $425,580 | $5,322 | $28,676 | $35,193 | $63,869 | $390,387 |
| 23 | $390,387 | $5,322 | $26,132 | $37,737 | $63,869 | $352,649 |
| 24 | $352,649 | $5,322 | $23,404 | $40,466 | $63,869 | $312,184 |
| 25 | $312,184 | $5,322 | $20,478 | $43,391 | $63,869 | $268,793 |
| 26 | $268,793 | $5,322 | $17,342 | $46,527 | $63,869 | $222,265 |
| 27 | $222,265 | $5,322 | $13,978 | $49,891 | $63,869 | $172,374 |
| 28 | $172,374 | $5,322 | $10,371 | $53,498 | $63,869 | $118,877 |
| 29 | $118,877 | $5,322 | $6,504 | $57,365 | $63,869 | $61,512 |
| 30 | $61,512 | $5,322 | $2,357 | $61,512 | $63,869 | $0 |
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
|---|---|---|---|---|---|---|
| 1 | $800,000 | $7,191 | $55,009 | $31,278 | $86,288 | $768,722 |
| 2 | $768,722 | $7,191 | $52,748 | $33,540 | $86,288 | $735,182 |
| 3 | $735,182 | $7,191 | $50,323 | $35,964 | $86,288 | $699,218 |
| 4 | $699,218 | $7,191 | $47,724 | $38,564 | $86,288 | $660,654 |
| 5 | $660,654 | $7,191 | $44,936 | $41,352 | $86,288 | $619,302 |
| 6 | $619,302 | $7,191 | $41,946 | $44,341 | $86,288 | $574,961 |
| 7 | $574,961 | $7,191 | $38,741 | $47,546 | $86,288 | $527,415 |
| 8 | $527,415 | $7,191 | $35,304 | $50,984 | $86,288 | $476,431 |
| 9 | $476,431 | $7,191 | $31,618 | $54,669 | $86,288 | $421,762 |
| 10 | $421,762 | $7,191 | $27,666 | $58,621 | $86,288 | $363,141 |
| 11 | $363,141 | $7,191 | $23,429 | $62,859 | $86,288 | $300,282 |
| 12 | $300,282 | $7,191 | $18,884 | $67,403 | $86,288 | $232,879 |
| 13 | $232,879 | $7,191 | $14,012 | $72,276 | $86,288 | $160,603 |
| 14 | $160,603 | $7,191 | $8,787 | $77,500 | $86,288 | $83,103 |
| 15 | $83,103 | $7,191 | $3,185 | $83,103 | $86,288 | $0 |
Breakdown of what you might pay monthly over the life of a $600,000 mortgage.
Breakdown of what you might pay monthly over the life of a $400,000 mortgage.
Breakdown of what you might pay monthly over the life of a $450,000 mortgage.
Breakdown of what you might pay monthly over the life of a $350,000 mortgage.
Breakdown of what you might pay monthly over the life of a $300,000 mortgage.
Breakdown of what you might pay monthly over the life of a $200,000 mortgage.
Breakdown of what you might pay monthly over the life of a $150,000 mortgage.
Is a 25-year mortgage right for you?
Breakdown of what you might pay monthly over the life of a $250,000 mortgage.
Breakdown of what you might pay monthly over the life of a $100,000 mortgage.