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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| Principal | $ |
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| 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 available, you can enter the annual percentage rate (APR), which includes interest and fees combined.
- Click Calculate.
- Review your results.
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.
See your monthly payments by interest rate.
| Interest | Mortgage term | Monthly payments |
|---|---|---|
| 5.75% | 15 years | $6,643 |
| 5.75% | 30 years | $4,669 |
| 6.00% | 15 years | $6,751 |
| 6.00% | 30 years | $4,796 |
| 6.25% | 15 years | $6,859 |
| 6.25% | 30 years | $4,926 |
| 6.50% | 15 years | $6,969 |
| 6.50% | 30 years | $5,057 |
| 6.75% | 15 years | $7,079 |
| 6.75% | 30 years | $5,189 |
| 7.00% | 15 years | $7,191 |
| 7.00% | 30 years | $5,322 |
| 7.25% | 15 years | $7,303 |
| 7.25% | 30 years | $5,457 |
| 7.50% | 15 years | $7,416 |
| 7.50% | 30 years | $5,594 |
| 7.75% | 15 years | $7,530 |
| 7.75% | 30 years | $5,731 |
| 8.00% | 15 years | $7,645 |
| 8.00% | 30 years | $5,870 |
| 8.25% | 15 years | $7,761 |
| 8.25% | 30 years | $6,010 |
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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.
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Interest Mortgage term Total interest charged 5.75% 15 years $395,791 5.75% 30 years $880,690 6.00% 15 years $415,154 6.00% 30 years $926,706 6.25% 15 years $434,689 6.25% 30 years $973,266 6.50% 15 years $454,395 6.50% 30 years $1,020,356 6.75% 15 years $474,270 6.75% 30 years $1,067,963 7.00% 15 years $494,313 7.00% 30 years $1,116,071 7.25% 15 years $514,523 7.25% 30 years $1,164,668 7.50% 15 years $534,898 7.50% 30 years $1,213,738 7.75% 15 years $555,437 7.75% 30 years $1,263,267 8.00% 15 years $576,139 8.00% 30 years $1,313,242 8.25% 15 years $597,002 8.25% 30 years $1,363,648
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.
- 30-year loan
- 15-year loan
| 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.
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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