Mortgage Example
$500,000 Mortgage — 30-Year Payment Example
Monthly payment, total interest, and cost breakdown for a $500,000 mortgage over 30 years.
Scenario
$500,000 mortgage at 7.0% APR, 30-year fixed.
Inputs
Loan Amount$500,000
Rate7.0%
Term30 years
Results
Monthly Payment$3,327
Total Paid$1,197,545
Total Interest$697,545
Explanation
A half-million dollar mortgage at 7% costs $3,327/month. After 30 years, you'll have paid $1.2M total — $697k in interest alone. This is typical for conforming loan limits in high-cost areas.
Key Takeaways
- Putting 25% down reduces the loan to $375k, saving ~$830/month.
- Consider 15-year at higher payment to save ~$350k in interest.
- ARM rates may start lower but carry refinancing risk.