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How much would I pay on an $800,000 mortgage?

Calculate repayments, total interest and amortization on a $800k mortgage to borrow with confidence.

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If you’re ready to buy a home, you might wonder how to budget for your target home cost. 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 an $800,000 mortgage.

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Monthly payments on an $800,000 mortgage

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.

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Your total interest on an $800,000 mortgage

On a 30-year $800,000 mortgage with a 7.00% fixed interest rate, you’ll pay $1,116,071 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 $494,313 in interest over the life of your loan — about half of the interest you’d pay on a 30-year mortgage.

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 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
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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

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Heather has written 96 Finder guides across topics including:
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