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When you’re ready to buy a home, understanding how to budget for your target home cost is a great first step. 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. We’ve provided a breakdown of what you might face monthly and over the life of your $400,000 mortgage. But you can also get started by using our calculator to compare local rates on the house you want and how that might translate into your monthly payment.
Monthly mortgage payment calculator
See how much you'll pay for your home
Your loan |
|---|
| Loan amount |
$ |
| Loan terms (in years) |
| Interest rate |
% |
Fill out the form and click on “Calculate” to see yourestimated monthly payment.
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You can expect to pay back$per month
Based on your loan terms
| Principal | $ |
|---|---|
| Interest | $ |
| Total Cost | $ |
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- 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, you can enter the annual percentage rate (APR), which includes interest and fees combined.
- Click Calculate.
- Review your results.
Monthly payments on a $400,000 mortgage
At a 7.00% fixed interest rate, your monthly mortgage payment on a 30-year mortgage might total $2,661 a month, while a 15-year might cost $3,595 a month.
See your monthly payments by interest rate.
| Interest | Mortgage term | Monthly payments |
|---|---|---|
| 5.75% | 15 years | $3,322 |
| 5.75% | 30 years | $2,334 |
| 6.00% | 15 years | $3,375 |
| 6.00% | 30 years | $2,398 |
| 6.25% | 15 years | $3,430 |
| 6.25% | 30 years | $2,463 |
| 6.50% | 15 years | $3,484 |
| 6.50% | 30 years | $2,528 |
| 6.75% | 15 years | $3,540 |
| 6.75% | 30 years | $2,594 |
| 7.00% | 15 years | $3,595 |
| 7.00% | 30 years | $2,661 |
| 7.25% | 15 years | $3,651 |
| 7.25% | 30 years | $2,729 |
| 7.50% | 15 years | $3,708 |
| 7.50% | 30 years | $2,797 |
| 7.75% | 15 years | $3,765 |
| 7.75% | 30 years | $2,866 |
| 8.00% | 15 years | $3,823 |
| 8.00% | 30 years | $2,935 |
| 8.25% | 15 years | $3,881 |
| 8.25% | 30 years | $3,005 |
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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.
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Your total interest on a $400,000 mortgage
On a 30-year mortgage with a 7.00% fixed interest rate, you may pay around $558,036 in interest over the loan’s life.
If you instead opt for a 15-year mortgage, you’ll pay less interest, around $247,156 in interest over the loan’s life — or about half of the interest you’d pay on a 30-year mortgage.
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Interest Mortgage term Total interest charged 5.75% 15 years $197,895 5.75% 30 years $440,345 6.00% 15 years $207,577 6.00% 30 years $463,353 6.25% 15 years $217,344 6.25% 30 years $486,633 6.50% 15 years $227,197 6.50% 30 years $510,178 6.75% 15 years $237,135 6.75% 30 years $533,981 7.00% 15 years $247,156 7.00% 30 years $558,036 7.25% 15 years $257,261 7.25% 30 years $582,334 7.50% 15 years $267,449 7.50% 30 years $606,869 7.75% 15 years $277,719 7.75% 30 years $631,634 8.00% 15 years $288,070 8.00% 30 years $656,621 8.25% 15 years $298,501 8.25% 30 years $681,824
The average home loan interest rate
Amortization schedule
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 principal.
Estimate your monthly loan repayments on a $400,000 mortgage at 7.00% fixed interest with our amortization schedule over 15 and 30 years.
- 15-year loan
- 30-year loan
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
|---|---|---|---|---|---|---|
| 1 | $400,000 | $3,595 | $27,505 | $15,639 | $43,144 | $384,361 |
| 2 | $384,361 | $3,595 | $26,374 | $16,770 | $43,144 | $367,591 |
| 3 | $367,591 | $3,595 | $25,162 | $17,982 | $43,144 | $349,609 |
| 4 | $349,609 | $3,595 | $23,862 | $19,282 | $43,144 | $330,327 |
| 5 | $330,327 | $3,595 | $22,468 | $20,676 | $43,144 | $309,651 |
| 6 | $309,651 | $3,595 | $20,973 | $22,171 | $43,144 | $287,481 |
| 7 | $287,481 | $3,595 | $19,371 | $23,773 | $43,144 | $263,707 |
| 8 | $263,707 | $3,595 | $17,652 | $25,492 | $43,144 | $238,216 |
| 9 | $238,216 | $3,595 | $15,809 | $27,335 | $43,144 | $210,881 |
| 10 | $210,881 | $3,595 | $13,833 | $29,311 | $43,144 | $181,570 |
| 11 | $181,570 | $3,595 | $11,714 | $31,429 | $43,144 | $150,141 |
| 12 | $150,141 | $3,595 | $9,442 | $33,702 | $43,144 | $116,439 |
| 13 | $116,439 | $3,595 | $7,006 | $36,138 | $43,144 | $80,302 |
| 14 | $80,302 | $3,595 | $4,394 | $38,750 | $43,144 | $41,551 |
| 15 | $41,551 | $3,595 | $1,592 | $41,551 | $43,144 | $0 |
| Year | Beginning balance | Monthly payment | Total interest paid | Total principal paid | Total paid throughout the year | Remaining balance |
|---|---|---|---|---|---|---|
| 1 | $400,000 | $2,661 | $27,871 | $4,063 | $31,935 | $395,937 |
| 2 | $395,937 | $2,661 | $27,578 | $4,357 | $31,935 | $391,580 |
| 3 | $391,580 | $2,661 | $27,263 | $4,672 | $31,935 | $386,908 |
| 4 | $386,908 | $2,661 | $26,925 | $5,010 | $31,935 | $381,898 |
| 5 | $381,898 | $2,661 | $26,563 | $5,372 | $31,935 | $376,526 |
| 6 | $376,526 | $2,661 | $26,174 | $5,760 | $31,935 | $370,766 |
| 7 | $370,766 | $2,661 | $25,758 | $6,177 | $31,935 | $364,590 |
| 8 | $364,590 | $2,661 | $25,311 | $6,623 | $31,935 | $357,967 |
| 9 | $357,967 | $2,661 | $24,833 | $7,102 | $31,935 | $350,865 |
| 10 | $350,865 | $2,661 | $24,319 | $7,615 | $31,935 | $343,250 |
| 11 | $343,250 | $2,661 | $23,769 | $8,166 | $31,935 | $335,084 |
| 12 | $335,084 | $2,661 | $23,178 | $8,756 | $31,935 | $326,328 |
| 13 | $326,328 | $2,661 | $22,546 | $9,389 | $31,935 | $316,939 |
| 14 | $316,939 | $2,661 | $21,867 | $10,068 | $31,935 | $306,871 |
| 15 | $306,871 | $2,661 | $21,139 | $10,796 | $31,935 | $296,075 |
| 16 | $296,075 | $2,661 | $20,359 | $11,576 | $31,935 | $284,500 |
| 17 | $284,500 | $2,661 | $19,522 | $12,413 | $31,935 | $272,087 |
| 18 | $272,087 | $2,661 | $18,624 | $13,310 | $31,935 | $258,777 |
| 19 | $258,777 | $2,661 | $17,662 | $14,272 | $31,935 | $244,504 |
| 20 | $244,504 | $2,661 | $16,630 | $15,304 | $31,935 | $229,200 |
| 21 | $229,200 | $2,661 | $15,524 | $16,410 | $31,935 | $212,790 |
| 22 | $212,790 | $2,661 | $14,338 | $17,597 | $31,935 | $195,193 |
| 23 | $195,193 | $2,661 | $13,066 | $18,869 | $31,935 | $176,325 |
| 24 | $176,325 | $2,661 | $11,702 | $20,233 | $31,935 | $156,092 |
| 25 | $156,092 | $2,661 | $10,239 | $21,695 | $31,935 | $134,396 |
| 26 | $134,396 | $2,661 | $8,671 | $23,264 | $31,935 | $111,133 |
| 27 | $111,133 | $2,661 | $6,989 | $24,945 | $31,935 | $86,187 |
| 28 | $86,187 | $2,661 | $5,186 | $26,749 | $31,935 | $59,438 |
| 29 | $59,438 | $2,661 | $3,252 | $28,682 | $31,935 | $30,756 |
| 30 | $30,756 | $2,661 | $1,179 | $30,756 | $31,935 | $0 |
Bottom line
Buying a house is among the biggest investments you’ll make. Know how much you might pay each month on your $400,000 mortgage — including how much of your payment goes toward your interest over the principal — when shopping for a lender.
Learn more about how home loans work in our comprehensive guide to mortgages.
