Monthly payment on $500,000 by rate and term
Principal and interest on the $400,000 borrowed after a 20% deposit of $100,000. The rate is the single biggest lever, which is why it is worth shopping.
| Rate | 30 years | 20 years | 15 years |
|---|---|---|---|
| 5.50% | $2,271.16 | $2,751.55 | $3,268.33 |
| 6.00% | $2,398.20 | $2,865.72 | $3,375.43 |
| 6.50% | $2,528.27 | $2,982.29 | $3,484.43 |
| 7.00% | $2,661.21 | $3,101.20 | $3,595.31 |
| 7.50% | $2,796.86 | $3,222.37 | $3,708.05 |
| 8.00% | $2,935.06 | $3,345.76 | $3,822.61 |
Principal and interest only, before taxes, insurance and any PMI.
How the deposit changes it
| Down payment | Loan | P&I | PMI | PMI ends |
|---|---|---|---|---|
| 5% ($25,000) | $475,000 | $3,002.32 | $217.71 | month 135 |
| 10% ($50,000) | $450,000 | $2,844.31 | $206.25 | month 109 |
| 20% ($100,000) | $400,000 | $2,528.27 | — | not charged |
At 6.5% over 30 years. PMI applies above 80% loan-to-value and is cancelled automatically at 78%.
Frequently asked questions
What is the monthly payment on a $500,000 house?
With 20% down at 6.5% over 30 years, principal and interest are $2,528.27 a month. Adding property tax and insurance brings the full payment to about $3,136.60.
How much do I need to put down on a $500,000 home?
20% is $100,000, which avoids PMI. At 5% down ($25,000) you would borrow $475,000 and pay an extra $217.71 a month in PMI until month 135.
How much interest does a $500,000 mortgage cost?
On the $400,000 borrowed at 6.5% over 30 years, total interest is $510,180 — about 128% of the amount borrowed. A 15-year term cuts that to $227,197.
Nearby prices
Related tools
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