Here’s a breakdown of what you might face monthly, in interest and over the life of a $250,000 mortgage.
|
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 $1,663 a month, while a 15-year might cost $2,247 a month.
Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates. Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
On a 30-year mortgage with a 7.00% fixed interest rate, you’ll pay $348,772 in interest over your loan’s life. That’s about two-thirds of what you borrowed in interest.
If you instead opt for a 15-year mortgage, you’ll pay $154,473 in interest over your loan’s life — or about 46% of the interest you’d pay on a 30-year mortgage.
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 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 a $250,000 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 | $250,000 | $1,663 | $17,420 | $2,540 | $19,959 | $247,460 |
| 2 | $247,460 | $1,663 | $17,236 | $2,723 | $19,959 | $244,737 |
| 3 | $244,737 | $1,663 | $17,039 | $2,920 | $19,959 | $241,817 |
| 4 | $241,817 | $1,663 | $16,828 | $3,131 | $19,959 | $238,686 |
| 5 | $238,686 | $1,663 | $16,602 | $3,357 | $19,959 | $235,329 |
| 6 | $235,329 | $1,663 | $16,359 | $3,600 | $19,959 | $231,729 |
| 7 | $231,729 | $1,663 | $16,099 | $3,860 | $19,959 | $227,869 |
| 8 | $227,869 | $1,663 | $15,820 | $4,139 | $19,959 | $223,729 |
| 9 | $223,729 | $1,663 | $15,520 | $4,439 | $19,959 | $219,290 |
| 10 | $219,290 | $1,663 | $15,200 | $4,760 | $19,959 | $214,531 |
| 11 | $214,531 | $1,663 | $14,855 | $5,104 | $19,959 | $209,427 |
| 12 | $209,427 | $1,663 | $14,487 | $5,473 | $19,959 | $203,955 |
| 13 | $203,955 | $1,663 | $14,091 | $5,868 | $19,959 | $198,087 |
| 14 | $198,087 | $1,663 | $13,667 | $6,292 | $19,959 | $191,794 |
| 15 | $191,794 | $1,663 | $13,212 | $6,747 | $19,959 | $185,047 |
| 16 | $185,047 | $1,663 | $12,724 | $7,235 | $19,959 | $177,812 |
| 17 | $177,812 | $1,663 | $12,201 | $7,758 | $19,959 | $170,054 |
| 18 | $170,054 | $1,663 | $11,640 | $8,319 | $19,959 | $161,735 |
| 19 | $161,735 | $1,663 | $11,039 | $8,920 | $19,959 | $152,815 |
| 20 | $152,815 | $1,663 | $10,394 | $9,565 | $19,959 | $143,250 |
| 21 | $143,250 | $1,663 | $9,703 | $10,256 | $19,959 | $132,994 |
| 22 | $132,994 | $1,663 | $8,961 | $10,998 | $19,959 | $121,996 |
| 23 | $121,996 | $1,663 | $8,166 | $11,793 | $19,959 | $110,203 |
| 24 | $110,203 | $1,663 | $7,314 | $12,645 | $19,959 | $97,557 |
| 25 | $97,557 | $1,663 | $6,399 | $13,560 | $19,959 | $83,998 |
| 26 | $83,998 | $1,663 | $5,419 | $14,540 | $19,959 | $69,458 |
| 27 | $69,458 | $1,663 | $4,368 | $15,591 | $19,959 | $53,867 |
| 28 | $53,867 | $1,663 | $3,241 | $16,718 | $19,959 | $37,149 |
| 29 | $37,149 | $1,663 | $2,033 | $17,927 | $19,959 | $19,222 |
| 30 | $19,222 | $1,663 | $737 | $19,222 | $19,959 | $0 |
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
|---|---|---|---|---|---|---|
| 1 | $250,000 | $2,247 | $17,190 | $9,774 | $26,965 | $240,226 |
| 2 | $240,226 | $2,247 | $16,484 | $10,481 | $26,965 | $229,744 |
| 3 | $229,744 | $2,247 | $15,726 | $11,239 | $26,965 | $218,506 |
| 4 | $218,506 | $2,247 | $14,914 | $12,051 | $26,965 | $206,454 |
| 5 | $206,454 | $2,247 | $14,042 | $12,922 | $26,965 | $193,532 |
| 6 | $193,532 | $2,247 | $13,108 | $13,857 | $26,965 | $179,675 |
| 7 | $179,675 | $2,247 | $12,107 | $14,858 | $26,965 | $164,817 |
| 8 | $164,817 | $2,247 | $11,032 | $15,932 | $26,965 | $148,885 |
| 9 | $148,885 | $2,247 | $9,881 | $17,084 | $26,965 | $131,801 |
| 10 | $131,801 | $2,247 | $8,646 | $18,319 | $26,965 | $113,482 |
| 11 | $113,482 | $2,247 | $7,321 | $19,643 | $26,965 | $93,838 |
| 12 | $93,838 | $2,247 | $5,901 | $21,063 | $26,965 | $72,775 |
| 13 | $72,775 | $2,247 | $4,379 | $22,586 | $26,965 | $50,189 |
| 14 | $50,189 | $2,247 | $2,746 | $24,219 | $26,965 | $25,970 |
| 15 | $25,970 | $2,247 | $995 | $25,970 | $26,965 | $0 |
Breakdown of what you might pay monthly over the life of a $550,000 mortgage.
Learn more about monthly payments and interest on a $500,000 mortgage over 15 or 30 years. Plus, find out how much you need to make to afford repayments.
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.
Breakdown of what you might pay monthly over the life of a $100,000 mortgage.
